Gold (XAU/USD) pulled back nearly $20 from seven-week highs of $1790 on Monday, finishing the day slightly in the red. In Tuesday’s trading so far, gold is consolidating losses before the bears can resume the correction declines. In the view of FXStreet’s Dhwani Mehta, XAU/USD eyes $1760-55 amid higher yields and bearish technicals. See – Gold Price Analysis: US Treasury yields and USD to ease later in the year, allowing for XAU/USD gains – HSBC Gold’s downside appears more compelling in the near term “Higher US yields will likely remain a weight on the yieldless gold amid global optimism, as the economic calendar remains scarce on both sides of the Atlantic.” “Fresh updates on the covid vaccines and US fiscal stimulus will be closely followed for fresh impetus on gold prices.” “Strong support at $1761 will get tested if the downside pressure accelerates. That level is the confluence of the horizontal trendline support and ascending 100-HMA. The next relevant cap is seen at the 200-HMA at $1752.” “A sustained break above the $1775 resistance is needed to revive last week’s bullish momentum. The previous week high at $1784 could be on the buyers’ radars, above which the seven-week tops at $1790 will be retested.” 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 GBP/USD: Relentless dollar weakness may result in further gains for cable FX Street 2 years Gold (XAU/USD) pulled back nearly $20 from seven-week highs of $1790 on Monday, finishing the day slightly in the red. In Tuesday's trading so far, gold is consolidating losses before the bears can resume the correction declines. In the view of FXStreet's Dhwani Mehta, XAU/USD eyes $1760-55 amid higher yields and bearish technicals. See - Gold Price Analysis: US Treasury yields and USD to ease later in the year, allowing for XAU/USD gains - HSBC Gold's downside appears more compelling in the near term "Higher US yields will likely remain a weight on the yieldless gold amid global optimism, as… 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.
