Gold prices remained on the defensive on Thursday after going up for six successive sessions amid the stronger US dollar and treasury bond yields. As of 1435 hours GMT, gold in the international market was available at $1,968.60 per ounce, shedding $8.70 (-0.44 percent). Out of the $8.70 per ounce decrease, -$14.30 was due to strengthening dollar and +$5.60 was due to predominant buyers, according to Kitco Gold Index. The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, decreased to Rs115,000 after shedding Rs700. Gold price in the local market settled at Rs115,700 on Wednesday last. A decrease in local gold prices was also due to strengthening rupee against the US dollar, as the rupee appreciated by 3.45 percent against the dollar during the last five sessions. The benchmark 10-year US Treasury bond yield went up 3 percent on the day, causing the yellow metal to push lower. Geopolitical concerns remain the same, with the focus on the Russian invasion of Ukraine and the persistent pressure on inflation forcing central banks to take aggressive monetary policy decisions. From a technical perspective, the price continues to trade above all of its moving averages, with the 20 SMA slowly grinding higher above the longer ones. The momentum indicator remains directionless within positive levels, while the RSI heads north at around 62. The bulls need a decisive close above $1,982 to kick start a fresh uptrend. Sustained strength beyond this resistance might trigger a short-covering move and push gold prices to an intermediate hurdle at $1,994, and if it is cleared, it should pave the way to break the psychological barrier of $2,000. On the flip side, the gold price enjoys strong support at $1,966, which was Tuesday’s closing point. Next support level lies around $1,961. A daily closing below $1,948 could negate prospects for any further near-term appreciating move.