Gold Price Forecast: XAUUSD remains strong, still looking at $1770

XAUUSD rebounds after hitting a fresh low at $1751.
US yields erase earlier gains, back near recent lows.
US dollar weakens during the American session.

Matías Salord FXStreet

Gold continues to shine as it shows the latest rebound. XAUUSD printed a fresh daily low during the American session at $1751, but only to rebound more than $10 in a few minutes, rising back above $1760. The outlook remains positive for the metal that is trading near the $1770 resistance area.

Technicals and yields

Gold is about to post the second weekly gain in a row, with the best performance in months. What it started as a correction, after falling to test the critical support around $1675, it has become a strong rally that could add to gains if the price holds above $1750.

The decline in US yields after the FOMC meeting triggered more gains in XAUUSD. Even after US economic data released on Friday showed a still strong consumer and high inflation, the demand for Treasuries held firm. The US 10-year yield stands at 2.65%, and the 30-year rate is back under 3.00%.

The greenback is still on positive ground on Friday but off highs and about to end the week on a weak note. The DXY is flat for the day, around 106.10, consolidating weekly losses. The long-term perspective is still bullish for DXY, but the momentum in the short-term has faded.

Technical levels

XAU/USD

Overview
Today last price	1763
Today Daily Change	7.20
Today Daily Change %	0.41
Today daily open	1755.8

Trends
Daily SMA20	1735.49
Daily SMA50	1798.85
Daily SMA100	1855.72
Daily SMA200	1842.6

Levels
Previous Daily High	1757.11
Previous Daily Low	1733.86
Previous Weekly High	1739.37
Previous Weekly Low	1680.91
Previous Monthly High	1879.26
Previous Monthly Low	1802.79
Daily Fibonacci 38.2%	1748.23
Daily Fibonacci 61.8%	1742.74
Daily Pivot Point S1	1740.74
Daily Pivot Point S2	1725.67
Daily Pivot Point S3	1717.49
Daily Pivot Point R1	1763.99
Daily Pivot Point R2	1772.17
Daily Pivot Point R3	1787.24

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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