Gold fades bounce off one week low while keeping the immediate trading range intact. Covid woes escalate in Europe while taper tantrums and upbeat US data also favor greenback strength. S&P 500 Futures print mild losses despite Wall Street’s upbeat close, recovery of US Treasury yields. Risk catalysts are in the driver’s seat amid a light calendar in Asia. Gold eases to $1,727 amid a quiet Asian session trading on Friday. The yellow metal dropped to the fresh low since March 18 the previous day as the US dollar index (DXY) rose to the highest in four-month. However, vaccine and stimulus hopes seemed to trigger the metal’s bounce off multi-day low before fears of the coronavirus (COVID-19) recall the sellers. More for US dollar? Although the coronavirus (COVID-19) isn’t kicked out of the US, the European Union’s (EU) comparatively bad position seems to highlight the Biden government’s efforts as rosy for the US dollar. Also favoring the USD could be recently upbeat GDP and Jobless Claims figures from home, not to forget the jump in the vaccinations versus the fight for the jab in the bloc. While the US versus Europe is one of the catalysts favoring the greenback and weighing on the commodities, others may include the geopolitical fears emanating from Iran, China and North Korea. Furthermore, hopes of a $3.0 trillion stimulus and a battle with Beijing also strengthen the US dollar. It’s worth mentioning that Fed Chair Jerome Powell’s initial rejection of the tapering has recent shifted towards flashing signs of what could lead to such an outcome, which in turn added to the market fears. That said, the recent headlines from Brussels suggest darker days ahead and played their part to weigh on the yellow metal. Amid these plays, S&P 500 Futures part ways from the Wall Street benchmarks while flashing 0.10% intraday loss. However, the traders await Tokyo open to determine the US dollar moves near the yearly top as well as the US Treasury moves after the recent recovery. Considering a light calendar in Asia, the pre-establish risk-off mood may keep exerting downside pressure on the bullion. However, the bears seem tiring and hence any positive surprises will be welcomed with great zeal. Technical analysis A rounding top bearish formation on the four-hour chart needs validation from a downside break of $1,722 to recall the $1,700 on the chart. Meanwhile, $1,755 guards the short-term upside moves. Â 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 Many investors stated they are looking to buy equities in April – JP Morgan FX Street 1 year Gold fades bounce off one week low while keeping the immediate trading range intact. Covid woes escalate in Europe while taper tantrums and upbeat US data also favor greenback strength. S&P 500 Futures print mild losses despite Wall Street's upbeat close, recovery of US Treasury yields. Risk catalysts are in the driver's seat amid a light calendar in Asia. Gold eases to $1,727 amid a quiet Asian session trading on Friday. The yellow metal dropped to the fresh low since March 18 the previous day as the US dollar index (DXY) rose to the highest in four-month. However, vaccine 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.