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GOLD | After a week of falling prices

XAUUSD had a tough week and ended at a new three-week low as investors moved away from safe-haven assets and into more risk-on markets. Higher bond yields also pressured the precious metal which is currently testing a series of technical levels.

The US dollar had a confusing week as US Treasury yields fell, then spiked and ended the week near their highest level of the week. Chairman Powell's hawkish comments that he was unsure whether the Fed had enough capacity to contain inflation sent bond yields higher, while the US 30-year bond auction was extremely weak. The US has pushed yields even higher. The US dollar followed moves in the US bond market and ended the week high.

XAUUSD could adjust back below 1,900 USD/ounce. Conversely, the precious metal could also break new levels above $2,000 an ounce which could give traders the confidence to push prices even higher, at $2,050 an ounce.