Gold is fighting around $1,700, benefiting from stimulus funds and shrugging off the increase in yields. According to FXStreet’s Haresh Menghani, the uptick might still be seen as an opportunity for XAU/USD bears. Key quotes “The passage of US President Joe Biden’s $1.9 trillion pandemic aid package, along with reports of attacks on Saudi Arabian oil production facilities extended some support to the safe-haven XAU/USD.” “In the absence of any major market-moving economic releases from the US, the broader market risk sentiment will play a key role in driving the XAU/USD. Apart from this, the US bond yields will influence the USD price dynamics and produce some meaningful trading opportunities.” “Any further recovery towards the $1722-23 region would still be seen as a selling opportunity. This, in turn, should cap the upside near the $1740 heavy supply zone. That said, a sustained move beyond has the potential to push the metal back towards an important $1760-65 strong support breakpoint, now turned resistance.” “The trend-channel support, around the $1690-88 region, might continue to protect the immediate downside. A sustained breakthrough will be seen as a fresh trigger for bearish trades and turn the commodity vulnerable to accelerate the fall towards the $1670 horizontal support. Some follow-through selling should pave the way for a further near-term depreciating move towards the next major support near the $1620-15 region.” 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 USD/JPY to see a corrective decline before resuming the uptrend FX Street 1 year Gold is fighting around $1,700, benefiting from stimulus funds and shrugging off the increase in yields. According to FXStreet's Haresh Menghani, the uptick might still be seen as an opportunity for XAU/USD bears. Key quotes "The passage of US President Joe Biden's $1.9 trillion pandemic aid package, along with reports of attacks on Saudi Arabian oil production facilities extended some support to the safe-haven XAU/USD." "In the absence of any major market-moving economic releases from the US, the broader market risk sentiment will play a key role in driving the XAU/USD. Apart from this, the US bond yields will influence… 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.
