Gold futures are extending their rebound to kick off the trading week, buoyed by a stalling US dollar and flat US Treasurys. The yellow metal had been coming off a disappointing trading week in the aftermath of the Federal Reserve’s June policy meeting. But gold and its metal companions staged a comeback on Friday. Can the precious metal sustain the momentum?

August gold futures advanced $11.90, or 0.67%, to $1,780.90 per ounce at 12:19 GMT on Monday on the COMEX division of the New York Mercantile Exchange. Gold prices slumped around 5% last week, adding to their 2021 woes of 6.35%.

Silver, the sister commodity to gold, has returned to $26. July silver futures picked up $0.056, or 0.22%, to $26.025 per ounce. The white metal plunged 7% last week, erasing its year-to-date gains and enduring a 2% loss on the year.

The two main trends on Monday are the greenback and bonds.

The US Dollar Index (DXY), which gauges the greenback against a basket of currencies, fell 0.15% to 92.09, from an opening of 92.23. The greenback surged nearly 2% last week, adding to its YTD haul of 2.4%. A weaker buck is good for commodities priced in dollars because it makes it cheaper for foreign investors to purchase.

Bonds are recording tepid increases on Monday, with the benchmark 10-year yield up 0.0025% to 1.458%. The one-year bill was unchanged at 0.091%, while the 30-year bond added 0.029% to 2.057%

Overall, market analysts believe that there will be a correction to the upside soon, particularly if inflation readings continue to trend higher. For Ole Hansen, head of commodities strategy at Saxo Bank, it could be a challenge for gold to break through the $1,820 level.

“The reversal in some of the strong gains we saw in bond yields last week has supported the market. Adding to that the dollar is trading a tad softer after the recent strength. We’ll see some consolidation here and correction to the upside. Gold needs to break at least above $1,800 and the real battle is probably more around the $1,820 level.”

It could be another big week for the broader financial markets as Fed Chair Jerome Powell is scheduled to appear before Congress on Tuesday.

In other metal markets, July copper futures tumbled $0.032, or 0.77%, to $4.125 per pound. July platinum futures dipped $3.10, or 0.3%, to $1,037.50 an ounce. July palladium futures jumped $31.10, o 1.26%, to $2,500 per ounce.