- Gold bears are testing the commitments of the bulls.
- Gold Weekly Forecast: XAU/USD could target 200-day SMA
- $1,800 is in focus as a 61.8% Fibo on the downside.
Update: Gold price remains on the back foot around $1830, unable to clear a minor resistance near $1836 despite a pause in the US dollar’s advance. That barrier appears to be the horizontal 50-SMA on the hourly sticks. Meanwhile, the gold price remains cushioned by the ascending 100-hour SMA at $1827. The greenback trims its earlier advance heading closer to the critical US CPI data release, which is likely to set the tone for markets in the coming days.
However, escalating Middle East tensions and concerns over a potential acceleration in inflation keeps the dollar broadly bid and Treasury yields slightly on the defensive, which leaves gold prices confined in a tight range.
Commodity prices hit all-time highs – What's next? [Video]
