This week, the 10-year US Treasury yield fell from a two-year high, sending gold higher. It appears that $1,830 has formed the main resistance level for XAU/USD. This week will not see any important data releases in the US economy. The weekly forecast for the gold shows that the bulls have run out of steam as sellers manage to protect the key $1,830 level. As the new week began, gold rose to $1,800. In the second half of the week, the precious metal went into a consolidation phase after clearing this key resistance area. –Are you interested to learn more about CFD brokers? Check our detailed guide- Despite a lack of official data, markets remained relatively calm on Monday. However, the dollar managed to find demand when Richmond Federal Reserve Bank President Thomas Barkin told the Wall Street Journal that a rate hike in March was imminent. However, the dollar faced strong selling pressure during the hearings regarding the FOMC Chairman’s candidacy on Tuesday, which resulted in a sharp increase in the XAU/USD pair. Powell said they would need to hold up to four policy meetings to reduce the balance sheet. After December minutes revealed some policymakers had begun rebalancing after the first rate hike, the comment forced the US dollar index to cut back on gains. Powell added that they may try to cut the number later in the year. According to the US Bureau of Labor Statistics, the consumer price index (CPI) rose 7% y/y in December. As a result of this pressure, the dollar lost interest as investors overestimated how aggressively the Fed would tighten monetary policy. Furthermore, the annual Producer Price Index (PPI) fell to 9.7% from 9.8% in November, adding even more bearish pressure to the dollar. Get FREE Forex Signals Now! Key events/data for gold next week Next week, there are no high-level data releases on the US economy, and investors may be nervous about a less aggressive Fed tightening before the Jan. 26-27 monetary policy meeting. FOMC members will not be able to discuss policy either during the Fed’s shutdown period that begins on Saturday, January 15. As a result, market participants will closely monitor the yield on US Treasury bonds. On Monday, China will release its gross domestic product (GDP) figures for the fourth quarter. Risk aversion may limit gold’s gains if this report indicates a slowdown in the world’s second-largest economy. –Are you interested to learn more about forex brokers? Check our detailed guide- Gold weekly technical analysis: Bulls pause ahead of $1,831 Gold price reversed the gains from ultimate resistance of $1,831. However, the price is still above the key support of $1,800. The convergence of 20 and 50 days SMAs around $1,810 may offer mild support at the moment. The price is moving within an uptrend channel, and the market participants are largely waiting for a clear breakout. Meanwhile, the volume data shows more strength for the bears. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal CommoditiesWeekly Forex Forecasts share Read Next USD/CAD Forecast: Bulls Eye 1.26 as Omicron, BoE Pressure CAD Saqib Iqbal 8 months This week, the 10-year US Treasury yield fell from a two-year high, sending gold higher. It appears that $1,830 has formed the main resistance level for XAU/USD. This week will not see any important data releases in the US economy. The weekly forecast for the gold shows that the bulls have run out of steam as sellers manage to protect the key $1,830 level. As the new week began, gold rose to $1,800. In the second half of the week, the precious metal went into a consolidation phase after clearing this key resistance area. -Are you interested to learn more… 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.