Gold price remained on the defensive on Tuesday amid firm US Treasury bond yields and cautious optimism about an end to deadlock in the Russia-Ukraine peace talks. As of 1230 hours GMT, gold in the international market was available at $1,927.50 per ounce, shedding $8.50. Out of a $8.50 per ounce decrease, +$0.30 was due to the dollar’s weakness and -$8.80 was due to predominant sellers, according to Kitco Gold Index. The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased to Rs112,400 after gaining Rs500. Gold in the local market was available at Rs111,900 on Monday last. The Pakistani rupee depreciated 0.26 percent against the US dollar during the day, which trimmed the overall decrease in the local gold prices. Moreover, the overnight change in the gold price when the local market was closed also impacted the local prices. The yellow metal’s latest weakness could be linked to cautious optimism after Ukraine President Volodymyr Zelenskyy showed readiness to discuss commitment from Ukraine not to seek NATO membership in an attempt to overcome the deadlock in the peace talks. Moreover, the benchmark US 10-year Treasury yields rose to a fresh high since May 2019 to 2.32 percent. Moreover, the US Dollar Index surged to 98.60, maintaining its three-day winning streak, which also weighed on the gold prices. From a technical perspective, steady relative Strength Index (RSI) and bullish MACD signals suggest further declines. Gold has a strong support at $1,922, which seems to protect the immediate downside. The next support level for gold bears is seen at $1,910, which is the 200-SMA and late February’s low. The third line of defence will be the psychological level of $1,900. On the flip side, if bulls regain control then the immediate resistance lies at $1,931, which comprises SMA5 one-day and SMA10 four-hour. The next significant resistance is seen at $1,936. The previous day’s high of $1,941 will be next on buyers’ radars on a sustained move higher.