Gold Prices Pull Back Amid Geopolitical Risks and Rising Yields

The gold price has pulled back due to increased geopolitical risks and rising yields in the US.

The recent surge in gold prices may have been a result of investors seeking safe-haven assets amidst global tensions, but it seems that traders are now taking a step back.

According to technical analysis, the 200-day EMA (Exponential Moving Average) is sitting just below, providing support for gold prices. Meanwhile, the 50-day EMA is starting to rise, potentially triggering a 'golden cross', a signal that may indicate an upward trend in gold.

The market's hesitation to commit to big positions over the weekend suggests that traders are cautious about making significant moves until the geopolitical situation becomes clearer.