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Gold climbed to its strongest level since August 2020 above $2,000 on Monday but lost its traction heading into the American session. XAU/USD was last seen trading below $1,990, pressured by a more-than-2% increase in the benchmark 10-year US Treasury bond yield.
Gold price has recovered ground once again above the strong resistance of $1,995 where the pivot point one-month R1, pivot point one-week R1, and the previous high are located on the four-hour chart.
The pivot point one-day R2 at $1,998 will guard the immediate upside movement, above which buyers will retest the multi-month high at $2,001.
On buying resurgence, gold price could advance towards the Bollinger Band upper boundary at $2,007 on H1 before resuming storming the level of $2,022.
That level is the confluence of the pivot point one-week R2 and the pivot point one-day R3.
The next resistance is aligned at the pivot point one-day R3 at $1,964. Should buyers regain a strong foothold above the latter, then a rally for a retest of 13-month high of $1,975 cannot be ruled out.
Gold bulls will then gear up for a fresh upswing to conquer the $2,000 mark.
On the flip side, fierce support is seen at $1,982 where the pivot point one-day R1 coincides with the SMA5 on H4.
The previous month's high of $1,975 will be tested once again if the correction picks up pace. The last line of defense for gold bulls is the daily low of $1,972.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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