Gold reversed an intraday dip to the $1,774 area and is currently placed near the top end of its daily trading range, around the $1,782-83 region. Worries that surging COVID-19 infections in some countries could derail the global economic recovery continued lending some support to the safe-haven XAU/USD. Apart from this, the emergence of some fresh selling around the US dollar further benefitted the dollar-denominated commodity. However, a modest pickup in the US Treasury bond yields kept a lid on any further gains for the non-yielding yellow metal.
From a technical perspective, the XAU/USD stalled its recent pullback from the vicinity of the $1,800 mark, or two-month tops and found decent support ahead of the $1,765-60 region. The mentioned area marked the neckline resistance breakpoint of a bullish double-bottom formation near the $1,677-76 region. The emergence of some dip-buying near the mentioned resistance-turned-support favours bullish traders.