There is a confrontation in the market between rising government bond yields, which puts downward pressure on the gold price, and rising inflationary expectations, which supports gold (see "Fundamental Analysis and Recommendations")
. Break of the support level 1766.00 will resume the downward dynamics of XAU / USD. In an alternative scenario, a breakdown of the local resistance level of 1797.00 will increase the likelihood of further growth of XAU / USD towards the upper border of the descending channel on the daily chart and the level of 1852.00.
Resistance levels: 1793.00, 1797.00, 1852.00, 1874.00, 1963.00, 1976.00, 2010.00, 2075.00
Trading recommendations
Sell Stop 1779.00. Stop-Loss 1791.00. Take-Profit 1766.00, 1763.00, 1752.00, 1736.00, 1700.00, 1685.00, 1615.00, 1560.00
Buy Stop 1791.00. Stop-Loss 1779.00. Take-Profit 1793.00, 1797.00, 1852.00, 1874.00, 1963.00, 1976.00, 2010.00, 2075.00
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**) XAU/USD: Current Fundamental Analysis and Market Expectations
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