Gold (XAU/USD) is on a steady decline so far this Monday, undermined by a broad-based US dollar recovery. Surging covid infections and vaccine delays in some of the major global economies dampen the investors’ sentiment and lift the haven demand for the greenback. Further, an upbeat take by Fed Chair Jerome Powell on the economy buoy the US dollar. However, rising inflation expectations, in light of stronger US PPI data, could offer some support to gold, the hedge-against-inflation. Meanwhile, the dynamics in the yields will be closely watched ahead of the US CPI release due later this week. Let’s take a look at how gold is positioned on the technical graphs. Gold Price Chart: Key resistance and support levels The Technical Confluences Detector shows that gold is eyeing key support at $1731, the confluence of the previous day low, Bollinger Band four-hour Lower and the pivot point one-day S1. Further south, the convergence of the SMA10 one-day and Fibonacci 61.8% one-month at $1729 could be put at risk. The previous week low at $1721 will be the last line of defense for the XAU bulls. Alternatively, recapturing the $1742 hurdle is critical to reviving the upside momentum. That level is the intersection of the Fibonacci 38.2% one-day, SMA5 one-day and SMA10 one-hour. The next hurdle is seen at $1745, which is the Fibonacci 23.6% one-week. A dense cluster of resistance around $1750 could likely limit the advances. Here is how it looks on the tool About Technical Confluences Detector The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Natural Gas Futures: Look neutral/bearish near-term FX Street 2 years Gold (XAU/USD) is on a steady decline so far this Monday, undermined by a broad-based US dollar recovery. Surging covid infections and vaccine delays in some of the major global economies dampen the investors' sentiment and lift the haven demand for the greenback. Further, an upbeat take by Fed Chair Jerome Powell on the economy buoy the US dollar. However, rising inflation expectations, in light of stronger US PPI data, could offer some support to gold, the hedge-against-inflation. Meanwhile, the dynamics in the yields will be closely watched ahead of the US CPI release due later this week. Let's take… 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.