After the markets started the new week calmly, the strengthening dollar assets continue to put pressure on the safe havens after the Delta variant concerns about the Covid-19 outbreak increased in the markets. It can be said that the decline in US 10-year bond rates to 1.19 percent weakened this pressure somewhat. On the other hand, after the Fed dismissed the expectation that it would reduce its asset purchase program and said that they would continue to discuss tapering instead of reducing their asset purchases, we saw that there were outflows in the dollar. The short duration of this movement triggered the movement in Gold, which turned its direction up, to the downside again.
While the macroeconomic data announced in the USA generally drew a moderate picture regarding the economy, we saw that the retail sales data on the last trading day of the week exceeded expectations. On the first trading day of the week, there was not much activity in the markets due to the calm data flow. Adding the Delta variant, along with the increasing number of cases, to the uneasiness caused by the increasing inflation concerns about the economies in the markets may limit the decreases on the XAUUSD.
After all these developments, it can be expected that Gold will accelerate its recovery within the framework of 1836 and 1855 resistance levels, depending on the fact that Gold maintains its pricing above the 1800 level. However, in a pricing that may occur below the 1815 support, it is possible that the decreases will deepen due to the passing of the 1795 and 1775 support levels.