Gold is trading low against greenback today the yellow metal is pressured by U.S. Treasury yields that are on the rise again, and by a slight rebound in the U.S. dollar index today.

Thursday’s report on first-quarter U.S. gross domestic product report showed a rise of 6.4% compared to market expectations for a rise of 6.5% from the fourth quarter.

Meanwhile, U.S. President Joe Biden recently proposed a sweeping new $1.8 trillion plan for families and education in a speech to a joint session of Congress.

U.S. jobless claims report showed 553,000 new claims, compared to expectations of 528,000 in new claims. Markets showed mild reaction to these reports that came in close to market expectations.

Elsewhere, more than 149.67 million people have been reported to be infected by the novel coronavirus globally and 3,290,675​ have died, according to a report.

A World Gold Council (WGC) official said on Thursday that China’s 2021 gold demand will see annual growth and will revert to pre-pandemic levels if there are no dramatic changes to the global economic and geo-political situation.

Japan’s industrial output posted a surprise increase in March, as a jump in car production helped keep an economic recovery from last year’s deep coronavirus slump on track.

XAU/USD 4 Hour Chart:

Support: 1755.1 (S1), 1738.8 (S2), 1721.3 (S3).

Resistance: 1788.8 (R1), 1806.3 (R2), 1822.6 (R3).

Lack of major data in Asia adds to the sluggish markets which also weighs on the bright metal. We expect a bearish trend for XAU/USD.