Gold Price Forecast: XAU/USD eyes a firm break above $1793 to target $1809 resistance

Gold price stalls Monday’s rebound as the US dollar firms up ahead of Fed. According to FXStreet’s Dhwani Mehta, a pullback in the Treasury yields could revive the bullish interests in the yellow metal.

XAU/USD awaits acceptance above the $1793 key hurdle

“With the Fed commencing its two-day monetary policy meeting and the RBA discontinuing its 2024 bond yield target, investors remain edgy and prompt a minor rebound in the greenback across the board. Therefore, gold’s upside appears capped for now. Should the US yields extend the corrective pullback, gold bulls could jump in once again, reaching out for the $1800 level.”

“Gold is clinging onto the $1793 level, which is the confluence of the 21 and 50-Simple Moving Averages (SMA) on the four-hour chart. A four-hourly candlestick closing above the latter is needed to provide more legs to Monday’s rebound. Gold bulls will then look to recapture the $1800 mark on their journey towards the falling trendline resistance at $1809.”

“The sellers eye an immediate target at the upward-sloping 100-SMA of $1783, below which Friday’s low of $1772 will come into the picture. The horizontal 200-SMA at $1769 will be the line in the sand for gold optimists.”