XAU/USD traces dicey yields below $2,000 as Federal Reserve rate hikes appear difficult

Despite the latest inaction, Gold price defends the week-start rebound from the 100-bar Simple Moving Average (SMA), as well as keeps the upside break of a one-week-old descending trend line. In doing so, the XAU/USD bulls gear up for battle with the $2,000 horizontal hurdle for one more time.

Given the firmer Relative Strength Index (RSI), placed at 14, and bullish signals from the Moving Average Convergence and Divergence (MACD) indicator, the XAU/USD is likely to cross the aforementioned key hurdle.

Following that, the previous monthly high of around $2,010 and the $2,050 round figure may act as intermediate halts during the likely run-up towards the year 2022 peak near $2,070.

Meanwhile, the 100-SMA precedes three-week-old horizontal support to restrict short-term Gold price downside around $1,950 and $1,935-33.

In a case where the XAU/USD slips beneath the $1,933 support, the $1,900 threshold will precede the 200-SMA support of $1,891 to act as the last defense of the Gold buyers.