Will real gold price test come next week?

The gold market will have to encounter a real test next week, as holding the $1,700 per ounce level. This will be critical for the precious metal, which has stayed largely above that level since the beginning of 2021 till date.
Even with China’s Evergrande fears worrying the markets, gold failed to move sustainably above the $1,750 per ounce.
With higher Treasury yields and a stronger U.S. dollar following the positive Fed’s announcement, gold could be in danger of testing the $1,700 level.
The current level held up for all of this year, except for a brief moment when it dropped towards $1,680 a few times but managed to quickly recover.
Gold has always been able to find buyers below this level. But will the market see that happen again? Investors are now preparing for the Fed to start tapering in November and be completed by next year.
The current trading pattern sees gold first rallying on some new risk event but then giving up all of its gains as tensions start to ease.
U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell continually stress the urgency of addressing debt ceiling which, with the progress around the infrastructure package, will be of high importance and a major focus of investors next week.
Any obstacles surrounding those two events can help support gold prices next week.