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XAU/USD is trading at daily highs at 1,717, having gained support above 1,705. According to the 4-hour chart, gold is above the 21 SMA but below the downtrend channel formed in early July.
Gold price movements are shown with some calm and less volatility every day. XAU/USD continues to hold above the psychological level of 1,700. This is a key level that, if broken firmly, would enable a test of the low 2021 at 1,675.
On the upside, the resistance at around 1,723 should be challenged as this level represents the top of the downtrend channel. Above is the next resistance at 1,750 (0/8 Murray). If the bullish force prevails, the price could reach the 200 EMA at around 1,788.
From a fundamental point of view, gold finds support due to the technical correction of the Dollar Index, which is currently trading at 106.25, and the risk appetite in the equity market.
Treasury bond yields remain stable, with a slight rise, which if accentuated could put downward pressure on the yellow metal. The 10-year yield is 2.98% and the 30-year yield is 3.15%. A decline in these figures could favor gold.
According to the 4-hour chart, the outlook will remain positive if gold consolidates above the 21 SMA located at 1711. Above this level, gold could continue the technical bounce and could break the top of the downtrend channel at 1,723.
A daily close and a sharp break above 1,725 could mean gold advances and it could quickly reach resistance at 0/8 Murray at 1,750. Conversely, below 1,711 we should avoid buying and can expect a decline to around 1,698 (-1/8 Murray).
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