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The gold price in Asia has declined. In the European session, the market situation may change.

Gold finished trading in Asia with a decline of more than 0.7% amid strengthening of the dollar. The dollar index has grown by 0.16% since the beginning of the day.

At the beginning of the European trading session, the market situation began to gradually change. Gold is supported by the dynamics of the US Treasury yield curve. The yield on 10-year bonds dropped below 1.7%. This may put pressure on the US currency, which has recently been traded based on the yield of debt securities.

The main event of the day will be the BIS Innovation Summ. Within the framework of this event, the speech of the head of the FRS Jerome Powell is planned. Investors will look forward to new statements regarding the situation on the debt market, as after the Fed meeting last week, the yield on 10-year bonds has renewed its 14-month high.

ECB President Christine Lagarde and Bank of England Governor Andrew Bailey will also speak at this event.

On Tuesday, Treasury Secretary and former Fed Chairman Janet Yellen and incumbent Fed Chairman Jerome Powell are expected to address the Financial Services Committee of the US House of Representatives.

On the chart, the price is holding between the levels of 1722.70 and 1753.50. Today we are waiting for the development of a moderate upward movement to the upper border of the marked range.

  • Resistance levels: 1753.50, 1760.00, 1810.00.
  • Support levels: 1722.70, 1700.00, 1680.00.

The main scenario is growth to 1753.50.

An alternative scenario is a breakdown of the support at 1722.70 and a decline to 1700.00.

The current fundamental background is positive. We are considering longs near the level of 1722.70.

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