Gold price moves away from one-week top on rising US bond yields, modest USD strength

GOLD ANALYSIS & NEWS

~Gold made a high of $2641 this morning in early Asian session.
~Gold took a Big leap yesterday after Russia announces Nuclear war warning.

Gold price moves away from one-week top on rising US bond yields, modest USD strength

~Gold price attracts some intraday sellers following an intraday uptick to over a one-week high.
~Rebounding US bond yields revive the USD demand and exert some pressure on the XAU/USD.
~Geopolitical tensions could limit losses for the safe-haven precious metal ahead of Fed speaks.

WHAT'S EXPECTED IN GOLD TODAY?

1. Gold is trading now in a consolidation range, between $2640-2620.
2. If Gold manages to break the support level of $2618 and sustained below $2615, then it can come down to $2606 & possibly test $2590 also.
3. If Gold manages to break the Resistance level of $2641 and sustained above $2642, then we can see $2658-60 levels.
4. Gold may trade in rangebound as well, Between $2619 to $2640.

REASONS FOR GOLD PRICE MOVEMENT

- Concerns rise over Russia-Ukraine conflict as Putin signs a decree expanding nuclear doctrine, and Ukraine uses US-made ATACMS missiles in strikes within Russia.

- Foreign Minister Lavrov assures efforts to avoid nuclear war, while the US confirms no change in nuclear posture.

- Markets brace for potential tariffs and tax cuts under the Trump administration, raising inflation risks.

- Less than 60% chance for a 25-basis-point rate cut in December, per CME Group's FedWatch Tool.

- US Dollar stabilizes as Treasury yields rise, potentially capping gold's (XAU/USD) gains.