Confluence Detector: Gold Price Forecast: XAU/USD bears are in control while below $1,932

• The rebound in the gold price is accompanied by an increase in US Treasury yields.

Confluence Detector: Gold Price Forecast: XAU/USD bears are in control while below $1,932

A weaker US dollar could limit the decline in gold prices amid uncertainty surrounding Ukraine.

Price Forecast: The rebound in XAU/USD seems limited. Focus on ADP yields.

As the main drivers of the gold price are still the bond markets sentiment and the upcoming Ukraine headlines, the fate of the metal is in the hands sellers. Inflation fears are back in play, driving yields around the world higher and reducing demand for non-yielding, gold despite a large meltdown in US dollars. The market mood is also affected by uncertainty over the Ukraine conflict, which could limit the upside in the gold price. The key US employment data is now the focus of attention.

Watch out for these key levels in gold price

The Technical Consfluences Detector indicates that the gold price is heading south again. It's eyeing the crucial Fibonacci 61% at $1,914.

Next on the list is the previous week's low of $1,911, below which the downside may accelerate towards $1.903, the Fibonacci 38.2%-one-month.

Gold bulls have one last line of defense: $1,897 is the intersection of the pivot point one day S1 and Fibonacci 23,.6% one-day.

The pivot point one-week S1 at $1925 is an alternative supply zone. Above that, the next bullish target can be seen at the previous high of $1929.

To unleash additional recovery, gold bulls must be accepted above $1,932. The SMA200 four hour, Fibonacci 23.6% one month and Fibonacci 61.68% one week converge at that point.

A fierce cap awaits at $1.937, the pivotal point one-day intersection of R1 and SMA5