XAU/USD Seeks Support

Gold softens as US Treasury yields bounce over solid economic data. The price hit resistance at 1790 which used to be a critical floor on the daily chart. Sentiment has remained cautious after its breakout and the bears could be waiting to sell into strength. A break below 1770 has prompted some leveraged buyers to bail out leaving 1754 as their second line of defence. Its breach could attract momentum selling and extend losses towards 1720. Only a rally back above 1790 would renew buyers’ interest and send bullion to 1825.

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