Gold price (XAU/USD) witnessed a dramatic intraday turnaround on Friday and rallied over 1.3% from the $1,810 area, or its lowest level since March 8
Gold price scales higher for the second straight day and climbs to over a one-week high on Monday. Escalating geopolitical tensions in the Middle East provide a strong lift to the safe-haven XAU/USD. Hawkish Fed expectations, elevated US bond yields underpin the USD and cap gains for the metal. touched in the aftermath of the United States monthly jobs data.
Some follow-through buying, however, has the potential to lift the Gold price further towards the next relevant hurdle near the $1,885 area. This is closely followed by the $1,900 round figure, which should now act as a key pivotal point for short-term traders. On the flip side, the $1,835-1,834 region now seems to protect the immediate downside, below which the XAU/USD could slide to the $1,820 support en route to the multi-month low, around the $1,810 zone.
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