If a correction starts, it may bring some upward opportunities f
XAUUSD Spot Gold On Friday, the continuous rebound of US Treasury yields prevented gold from breaking through the 2021 resistance level. After the pullback, the short-term trend is temporarily under pressure. Key support levels to watch for during the day are around 1998-2000. However, the hourly trend of the 10-year US Treasury yield is approaching overbought territory. If a correction starts, it may bring some upward opportunities for gold. During the Asian session, first pay attention to the breakthrough of 2012.5, and the key resistance above remains at 2021. Looking at the larger timeframes, both the daily and weekly trends of gold fell. The upward momentum may not be too strong for now. If it falls below 2000, it may return to trading within the range of 1975-2000.
Reference levels:
2053-2057 Minor resistance
2048 Strong resistance at the high point of CPI
2040 High point resistance
2029-2033 Resistance at the 4-hour level
2021 Strong intraday resistance and the boundary between long and short positions
2012.5 Resistance level during the Asian session
1998-2000 Low point after non-farm payrolls, also strong support for the day
1987-1990 Important support at the starting point of PMI data rise
1975-1980 Extremely low support at the weekly level
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