Gold Price Analysis: Price meets hourly 61.8% from daily 61.8% support
At the time of writing, XAU/USD is trading at $1,783.11 and is consolidating in a $3 range in a quiet start to the last Asian session of the week. Overnight, the commodity complex was pressured and gold prices fell by the same margin as measured by XAU/USD which travelled from a high of $,797.79 to a low of $1,777.28.
A strong US dollar early in the European session was the catalyst where most of the leg work by the bears was done before New York came online.
Gold retreats ahead of $1800.00
Gold rose to near $1800.00 an ounce yesterday but could not sustain the momentum as the US Dollar strengthened after the Biden capital gains tax story hit the news wires. For once, gold disconnected from the US 10-year Treasury, with yields there also easing ever so slightly. However, one day does not a structural disconnect make, and gold's rally will come under a severe test if the US 10-year yield spikes higher.
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