fxstreet.com 22 Feb, 2021 06:30 am

XAU/USD remains trapped between two key barriers, awaits Powell – Confluence Detector

XAU/USD remains trapped between two key barriers, awaits Powell – Confluence Detector
Gold’s (XAU/USD) recovery from seven-month troughs remain contained, thanks to the surge in the US Treasury yields across the curve, as reflation trad

The bears will then target the pivot point one-day S1 at $1767.The last line of defense for the XAU bulls is aligned at $1753, the pivot point one-week S1.Gold’s (XAU/USD) recovery from seven-month troughs remain contained, thanks to the surge in the US Treasury yields across the curve, as reflation trades dominate amid covid vaccine and stimulus-driven optimism.The benchmark 10-year US treasury yields rose almost 4 basis points to refresh yearly tops of 1.

On the flip side, the buyers need to find a firm foothold above $1790, the confluence of the previous four-hour, SMA100 one-hour and SMA5 one-day, in order to revive the recovery momentum.Heading into the new week, the risks remain skewed to the downside for gold, as attention turns towards the Fed Chair Jerome Powell’s testimonies for the next direction in the metal.

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