Last week, after the US 10-year bond yield increased by 1.68 percent, the highest level since April 13. Especially on the US side, the increased inflation concerns after the growth rate exceeded the expectations slightly weakened the risk appetite in the markets. While the PCE price index in the USA exceeded the estimates with an increase of 0.4 percent, the Michigan consumer confidence index came well above expectations with 88.3.
On the other hand, following the statements of Dallas FED President Robert Kaplan that increased the possibility of tapering, the increase in the value of the dollar index on the side of the Ounce Gold had suppressed. However, on the first trading day of the week, the ISM Manufacturing PMI figure in the US fell to 60.7 in April, contrary to market expectations. While the outflows in the dollar after this development support the rally towards the 1800 level in the Gold, it is seen that the commodity cannot create enough power gain at the closings above this level.
After all these developments, if XAUUSD continues to rise above the 1790 threshold, it can be expected to gradually exceed the resistance levels of 1815 and 1836. However, in a possible close below 1765 level, it is useful to consider 1745 and 1725 support thresholds.