Gold Price Forecast: XAUUSD pullback highlights Biden-Xi talks, Fed’s pivot above $1,750 – by anilpanchal7 Gold XAUUSD RiskAppetite China CentralBanks
It should be noted that the light calendar appeared to have triggered the XAUUSD pullback near the highest levels in three months. Also likely to have probed the gold buyers is the anxiety ahead of a meeting between US President Joe Biden and China's Prime Minister Xi Jinping on the sidelined of the Group of 20 Nations gathering in Bali.
Against this backdrop, the S&P 500 Futures retreat from a one-month high, down 0.30% intraday near 3,990, whereas the US 10-year Treasury yields rise six basis points to 3.89%, printing the first daily gains in four. It should be noted, however, that the commodity’s trading below $1,741 isn’t an open welcome to the XAUUSD bears as the 200-SMA level surrounding $1,671 acts as the last defense of the gold buyers.
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