On Monday, gold saw some dip-buying and stalled its recent corrective pullback. The safe-haven metal was underpinned by COVID-19 jitters amid persistent inflation fears. A strong USD, elevated US bond yields, and hawkish Fed expectations could cap gains. The gold price outlook is bearish as the hawkish Fed and rising US yields support the US dollar. However, Covid jitters are providing support to the metal as a safe-haven asset. –Are you interested to learn more about forex signals? Check our detailed guide- After falling to nearly two weekly lows in the Asian session, gold has hovered just below the $ 1,850 mark, near the top of its daily trading range. The worsening situation in Europe during COVID-19 helped XAU/USD attract some buyers in the downturn on Tuesday. The Austrian government said it would be the first country in Europe to restore full isolation to deal with growing infections, while Germany warned it could follow suit. In addition, concerns about inflation have made precious metals even more attractive as a protection against them. However, gold price gains could be curtailed by the Fed’s restrictive expectations and a stronger US dollar. Fed fund futures suggest that the Fed may hike rates by July 2022 and by November 2022 at the latest. In response to the speculation, US Federal Reserve Governor Christopher Waller said that the US Federal Reserve should accelerate tightening to create more space for higher interest rates. Get FREE Forex Signals Now! US Treasury yields continued to be dampened by the prospect of Fed tightening soon. Due to this and the prevailing bullish sentiment against the dollar, traders are unlikely to bid aggressively on dollar-denominated commodities. Gold has now broken its two consecutive losing days streak and appears to have halted its correction from last week’s multi-month high. However, a significant influence on the unprofitable yellow metal will continue US dollar movements and US bond yields in the absence of major US economic news. Traders should consider the recent Coronavirus saga developments to take advantage of some short-term opportunities around XAU/USD shortly. –Are you interested to learn more about automated forex trading? Check our detailed guide- Gold price technical outlook: Bearish crossover to support sellers The gold price fell below the 20-period and 50-period SMAs on the 4-hour chart. Both SMAs are going to make a death crossover which may exacerbate selling. Further sell-off may test the 100-period SMA around $1,825 ahead of 200-period SMA around $1,800. Volume data remains supportive of the downfall. However, the probability of an upside correction cannot be ruled out. The price may test the horizontal level around $1,852 ahead of 20/50 SMA congestion near $1,860. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% 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 GBP/USD Forecast: Firm USD, Brexit to Keep Depressed Under 1.3450 Saqib Iqbal 5 months On Monday, gold saw some dip-buying and stalled its recent corrective pullback. The safe-haven metal was underpinned by COVID-19 jitters amid persistent inflation fears. A strong USD, elevated US bond yields, and hawkish Fed expectations could cap gains. The gold price outlook is bearish as the hawkish Fed and rising US yields support the US dollar. However, Covid jitters are providing support to the metal as a safe-haven asset. -Are you interested to learn more about forex signals? Check our detailed guide- After falling to nearly two weekly lows in the Asian session, gold has hovered just below the $… Top 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.