The recent sell-off in the crypto market was a game-changer for gold. In fact, according to OANDA analyst Edward Moya, many investors went back to precious metals after the massive decline in cryptocurrencies.

"The crypto bubble has burst. And although its popularity isn't going anywhere anytime soon, the idea that Bitcoin is a good hedge against inflation has raised doubts. The volatility in the crypto market also led to waves of money returning to gold, and the sale of gold ETFs has also stopped. "

Back in April and May, gold was under a very significant growth.

But one factor that threatens it is a surge in 10-year US Treasury yields as such pushes gold prices down.

And fortunately, despite comments that some Fed members are already considering a change in the monetary policy at the next meetings, the Fed will most likely maintain a soft policy for quite a long time, which is beneficial to gold.

Other central banks are also expected to tighten their policies much earlier than the Fed., which means that dollar will become weaker than other currencies.

Hence, the short-term and medium-term forecasts for gold are optimistic, predicting that the yellow metal may hit 1900 this week.

This will happen during the release of a number of US data, namely consumer confidence, Q1 GDP, orders for durable goods, personal income and PCE price index.

Other reports that traders should watch out for are US home price index, new home sales, jobless claims and pending home sales.