Gold trades around $1770, eying $1,800 amid Taiwan’s row

At the time of writing, gold trades at $1767.5 per ounce. Gold has been back under pressure as US yields spike, but bulls are eying the $1800 level. There is room for further upside with the 68.2% Fibonacci meeting prior weekly structure around $1,800.

Markets are cautious over US-China row over Taiwan. The gold price is dipping below $1,770 in the midday US session from $1,788.12 the high that was scored in the New York open. The Gold Index, XAU/USD, is down some 0.18% on the day currently as it moves in on the lows of the day at $1,767.76.

The price has been driven by US bond yields that have been declining in the wake of a less hawkish narrative surrounding the Fed. This has lifted gold futures and for December delivery, the precious metals climbed back above $1,800 per ounce on Tuesday.