Gold Price Movement Analysis for 16th April, 2021

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The gold price (XAU/USD) rose 1.78 percent on the day as bond yields fell in response to mixed US results. The yellow metal’s rebound was prolonged with a solid upward step that brought it beyond the $1760 price mark.

This move came after the US Dollar experienced broad-based volatility after many data sets struggled to ignite demand for the greenback. True bond rates have also fallen, with the 10-year US Treasury note down 0.23 percent at the time of publishing. This decline in bond yields seems to be fueling the gold price rally, which gained traction in the US session.

Technical Levels to Watch

The active daily candle has violated the 1763.30 resistance level intraday. If this threshold is not capped, the door to the next resistance level at 1789.49 will be blasted free. Above this mark, 1815.20 acts as a further upside obstacle.

On the other hand, failure to break through the 1763.30 resistance level may result in a retracement pullback, with the first goal being 1741.01. A more drop puts 1719.13 into play, with 1699.43 and 1680.59 beginning to appear as distant downside goal ranges.

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Gold Price (XAU/USD) Daily Chart

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