• Gold price attempts a bounce amid a mixed market mood, uptick in US Treasury yields.
• West to punish Russia while the DXY holds its recent advances ahead of ISM Services PMI.
• Gold price lacks a clear directional bias, as focus shifts to Fed minutes.

Gold price is attempting a bounce to recapture $1,930, having stalled its renewed downside amid a mixed market mood.

The Asian stocks trade firmer, tracking the tech stocks rally in Wall Street overnight. The S&P 500 futures, however, remain on the defensive on account of the rise in oil prices, which re-ignite inflation fears.

Meanwhile, investors fret talks of more Western sanctions on Russia, as the US and Europe plan to punish Moscow over civilian killings in Ukraine over the weekend.

The market’s cautiousness could keep the demand for the safe-haven dollar intact while adding to the weight on gold price. Further, the renewed uptick in the US Treasury yields also dulls gold’s appeal as a non-yielding asset.

Although the yield curve inversion, triggering recession risks, could likely keep the downside capped in gold price. Traders now look forward to the incoming updates from the Ukraine saga, US ISM Services PMI and the UN Security Council meeting for fresh cues on gold price action.  

The speeches from the Fed policymakers will also influence the bright metal, as they could offer fresh hints on the US central bank’s tightening plans.

Gold Price Chart: Daily 

Gold’s daily technical picture shows that the price is stuck in a tight range between the mildly bearish 21-Daily Moving Average (DMA) at $1,948 and the ascending 50-DMA support of $1,901.

On the upside, Friday’s high of $1,940 will offer an initial hurdle, above which the 21-DMA could limit the advances.

Alternatively, sellers could attack the four-day lows near $1,915. The next safety bet is aligned at 50-DMA.

The 14-day Relative Strength Index (RSI) trades listlessly at the midline, suggesting a lack of clear directional bias.

Gold Price: Additional levels to watch