Gold struggled to capitalize on its intraday positive move to near two-month tops. A goodish pickup in the US bond yields prompted some selling around the metal. Sustained USD selling should help limit any deeper losses amid a softer risk tone. Gold witnessed an intraday turnaround from two-month tops and refreshed daily lows, around the $1,770 region heading into the North American session. The precious metal prolonged its recent strong positive move from the $1,677-76 region, or multi-month lows and gained some follow-through traction on the first day of a new trading week. The prevalent selling bias surrounding the US dollar was seen as a key factor that benefitted the dollar-denominated commodity. Despite the incoming positive US economic data, investors seem convinced that the Fed will keep rates low for a longer period. Reduced bets for an earlier than anticipated Fed lift-off, along with expectations that any spike in inflation is likely to be transitory, dragged the key USD Index to over one-month lows. Meanwhile, renewed fears about another dangerous wave of coronavirus infections globally took its toll on the global risk sentiment. This was seen as another factor that provided an additional lift to the safe-haven XAU/USD. That said, a modest pickup in the US Treasury bond yields capped gains for the non-yielding yellow metal. From a technical perspective, last week’s sustained move beyond the $1,760-65 region reaffirmed a bearish double-bottom formation on the daily chart. Hence, any meaningful slide back towards the mentioned resistance breakpoint should be seen as a buying opportunity, which should help limit the downside for the XAU/USD. There isn’t any major market-moving economic data due for release from the US. Hence, the US bond yields will play a key role in influencing the XAU/USD. Apart from this, the USD price dynamics and the broader market risk sentiment might further contribute to produce some short-term opportunities around the commodity. 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 S&P 500 Index is getting close to a peak at 4200 – Credit Suisse FX Street 2 years Gold struggled to capitalize on its intraday positive move to near two-month tops. A goodish pickup in the US bond yields prompted some selling around the metal. Sustained USD selling should help limit any deeper losses amid a softer risk tone. Gold witnessed an intraday turnaround from two-month tops and refreshed daily lows, around the $1,770 region heading into the North American session. The precious metal prolonged its recent strong positive move from the $1,677-76 region, or multi-month lows and gained some follow-through traction on the first day of a new trading week. The prevalent selling bias surrounding the US… 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.