Gold Price Forecast: XAU/USD eyes a firm break above $1,793 to target $1,809 resistance

Gold price ends Monday’s rebound as the US dollar firms up ahead of Fed. According to FXStreet’s Dhwani Mehta, a pullback in the Treasury yields could revive the bullish interests in the yellow metal.

XAU/USD awaits acceptance above the $1,793 key hurdle

“With the Fed commencing its two-day monetary policy meeting and the RBA discontinuing its 2024 bond yield target, investors remain edgy and prompt a minor rebound in the greenback across the board. Therefore, gold’s upside appears capped for now. Should the US yields extend the corrective pullback, gold bulls could jump in once again, reaching out for the $1,800 level.”

“Gold is clinging onto the $1,793 level, which is the confluence of the 21 and 50-Simple Moving Averages (SMA) on the four-hour chart. A four-hourly candlestick closing above the latter is needed to provide more legs to Monday’s rebound. Gold bulls will then look to recapture the $1,800 mark on their journey towards the falling trendline resistance at $1,809.”

“The sellers eye an immediate target at the upward-sloping 100-SMA of $1,783, below which Friday’s low of $1,772 will come into the picture. The horizontal 200-SMA at $1,769 will be the line in the sand for gold optimists.”