Gold price remains near the highs at $1790. Afghan situation and Delta variant keep the safe-haven appeal of gold alive. US Treasury yields are positive, keeping the Dollar supported. All eyes are on FOMC to find clues about Fed’s tapering. Gold price analysis suggests that the market is silent before a storm and primarily depends upon the US Dollar that awaits FOMC meeting minutes. –Are you interested to learn more about day trading brokers? Check our detailed guide- Gold maintained its modest intraday gain during the first half of European trading hours but did not move further up afterwards and remained limited in its overnight range. The XAU/USD has been supported by trades just below the $1,790 level and prevailing risk aversion. In addition to concerns about the rapidly spreading Delta variant, investors remained wary of political tension in Afghanistan. Additionally, a moderate change in the US dollar value also affected dollar-denominated commodities, such as gold. In response to the recent surge of COVID-19 cases, US economic data shows that consumers have become more cautious. A weaker US retail sales report on Tuesday confirmed this, leading investors to reexamine the likely timing of Fed tightening. Get FREE Forex Signals Now! In turn, this did not help the US dollar take advantage of the positive movement of the previous day. However, a moderate rise in US Treasury yields prevented significant dollar loss and kept unsold gold in check, at least for now. Ahead of Wednesday’s FOMC minutes, investors also didn’t appear to be making aggressive bets. Traders are looking for clues as to when the Fed will begin reducing its asset purchases. Gold’s direction will be changed dramatically by this short-term change in the dynamics of the US dollar. –Are you interested to learn more about forex signals? Check our detailed guide- Gold price technical analysis: Dried volume and low ADR Gold price 4-hour chart analysis The gold price remains well bid above the 20-period SMA on the 4-hour chart. However, the upside remains capped by the 200-period SMA under the $1800 mark. The congestion of 200-period SMA and the psychological level combine to provide a stiff resistance to the gold. The price has covered only 40% average daily range so far. It indicates that the market is awaiting a key moment to jump into positions. Volume data is also very interesting. Last night, the price posted a normal spread down bar with a very high volume. It means that the tug of war between buyers and sellers ended up with the minor victory of sellers. Since then, the volume is below average. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Commodities share Read Next Dogecoin Price Prediction: Trendline breakout to drag DOGE until $0.2750 Ali B. 1 year Gold price remains near the highs at $1790. Afghan situation and Delta variant keep the safe-haven appeal of gold alive. US Treasury yields are positive, keeping the Dollar supported. All eyes are on FOMC to find clues about Fed's tapering. Gold price analysis suggests that the market is silent before a storm and primarily depends upon the US Dollar that awaits FOMC meeting minutes. –Are you interested to learn more about day trading brokers? Check our detailed guide- Gold maintained its modest intraday gain during the first half of European trading hours but did not move further up afterwards and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.