Update: Gold struggled to capitalize on its intraday positive move, instead met with some fresh supply in the vicinity of the $1,800 round-figure mark. The US dollar built on the post-FOMC rally and shot to over two-month tops. This, in turn, was seen as a key factor that undermined demand for dollar-denominated commodities, including gold. It is worth recalling that the Fed took a sudden hawkish turn on Wednesday and brought forward its projections for the first post-pandemic interest rate hikes to 2023. The Fed also indicated that it will soon work on tapering down the current $120 billion in monthly bond purchases. This was seen as another factor weighing on the non-yielding gold. That said, a combination of factors might help limit any deeper losses for the XAU/USD, at least for the time being. Currently hovering around the $1,775 region, the ongoing decline in the US Treasury bond yields might extend some support to the non-yielding yellow metal. Apart from this, a fresh leg down in the equity markets might further hold traders from placing any aggressive bearish bets around the safe-haven gold. Nevertheless, the commodity remains on track to end the week with heavy losses and remains vulnerable to slide further. Sustained weakness below the overnight swing lows, around the $1,768-67 region, will reaffirm the bearish bias and prompt some aggressive technical selling. The next relevant support is pegged near the $1,755 horizontal level before gold eventually drops to the $1,725-20 region. Previous update: Gold price is rebounding over 1% on the last day of this eventful week, although remains on track to book a 5% loss on the weekly basis. The retreat in the US Treasury yields is boding well for gold price, as it recoups a part of the Fed-led blow. Earlier this week, the Fed unexpectedly turned hawkish and signalled two rate hikes in 2023, which weighed negatively on non-yielding gold. Meanwhile, the US dollar index clings onto two-month highs heading into the weekly closing. Gold price is likely to remain influenced by the dynamics in the yields and the dollar and a light economic calendar. Broader market sentiment amid quadruple witching will also impact gold price. Read: Gold is bearish below 1790 zone Gold Price: Key levels to watch The Technical Confluences Detector shows that gold price is staging a decent comeback towards the $1797 resistance area, where the Fibonacci 61.8% converges with the SMA10 four-hour. Further up, the bulls will challenge the $1800 round number. The confluence of the pivot point one-month S1 and pivot point one-day R1 at $1811 will then emerge as a strong upside hurdle. Alternatively, a bunch of minor support levels offers immediate support around $1789, which is the intersection of the Fibonacci 38.2% one-day and the Bollinger Band one-hour Upper. The next relevant support is seen at $1781, the meeting point of the Fibonacci 23.6% one-day, SMA5 four-hour and SMA10 one-hour. The previous low on the four-hour at $1776 remains the last hope for the gold bulls. Here is how it looks on the tool About Technical Confluences Detector The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size. 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 EUR/USD stays offered well below 1.1900 FX Street 6 months Update: Gold struggled to capitalize on its intraday positive move, instead met with some fresh supply in the vicinity of the $1,800 round-figure mark. The US dollar built on the post-FOMC rally and shot to over two-month tops. This, in turn, was seen as a key factor that undermined demand for dollar-denominated commodities, including gold. It is worth recalling that the Fed took a sudden hawkish turn on Wednesday and brought forward its projections for the first post-pandemic interest rate hikes to 2023. The Fed also indicated that it will soon work on tapering down the current $120 billion in… Top 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.