A subdued USD demand assisted gold to gain traction and move away from one-month lows. Rallying US bond yields, underlying bullish sentiment might keep a lid on any strong move up. Gold edged higher through the Asian session and was last seen hovering near the top end of its daily trading range, around the $1860 region. The precious metal built on the previous day’s bounce from over one-month lows, around the $1817 region and gained some positive traction during the first half of the trading action on Tuesday. The uptick allowed the XAU/USD to snap four consecutive days of the losing streak, though a combination of factors might keep a lid on any runaway rally. The US dollar was seen consolidating its recent strong gains, which, in turn, was seen as one of the key factors that extended some support to the dollar-denominated commodity. This, along with political turmoil in Washington and growing market worries about the continuous surge in new coronavirus cases worldwide, further underpinned the safe-haven XAU/USD. It is worth reporting that House Democrats plan to impeach the US President Donald Trump on Wednesday unless he steps down or is removed before then. That said, the ongoing rally in the US Treasury bond yields – amid hopes for additional US fiscal stimulus – should help revive the USD and cap any meaningful upside for the non-yielding yellow metal. Meanwhile, expectations that President-elect Joe Biden would push for a multi-trillion-dollar stimulus package remained supportive of the underlying bullish sentiment in the global financial markets. This might further contribute to limit gains for the XAU/USD amid absent relevant market moving economic releases from the US. Even from a technical perspective, last week’s sustained breakthrough a rising wedge might have already shifted the near-term bias in favour of bearish traders. This further makes it prudent to wait for some strong follow-through buying before confirming that the XAU/USD has bottomed out and positioning for any further appreciating move. Technical levels to watch 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 Brent to reach $65 this summer – Goldman Sachs FX Street 1 year A subdued USD demand assisted gold to gain traction and move away from one-month lows. Rallying US bond yields, underlying bullish sentiment might keep a lid on any strong move up. Gold edged higher through the Asian session and was last seen hovering near the top end of its daily trading range, around the $1860 region. The precious metal built on the previous day's bounce from over one-month lows, around the $1817 region and gained some positive traction during the first half of the trading action on Tuesday. The uptick allowed the XAU/USD to snap four consecutive days of the… 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.