The big announcement from yesterday, in case you missed it: US Treasury is increasing the size of liquidity support buyback operations for longer-dated securitiesThat pretty much overshadowed the FOMC minutes and is arguably going to stick as the biggest headline in markets this week. Essentially, Bessent is announcing that they will at least double buybacks on the long-end on the curve to at least $4 billion per operation.It's a significant change and one that shifts the debt burden to the short-end of the curve. But in a market size of over $30 trillion and US debt of over $40 trillion, the amount we're talking about is quite negligible. And all else being equal, it's arguably just another band-aid in not wanting to address the structural issues plaguing the market.Typically, this sort of yields suppression should flow through monetary policy. But instead, they choose this after 30-year yields hit their highest since 2007 earlier in the week.For now though, long-term yields are pushed down at least. And that is music to the ears of risk trades as well as dollar bears. Will this last though? I'll put up a separate discourse later in the day.In that lieu, gold is taking full advantage after keeping rather cagey in the past week or so. We're now seeing a breakout to near $4,500 as traders shake off the 100-day moving average (red line) and move on to test the next key technical threshold.That being the 200-day moving average (blue line), seen at around $4,511 currently.The shoot higher as the dollar drops underscores the narrative that the currency debasement trade remains well and truly alive. All it takes is just the right set of headlines to get things going again.The US-Iran conflict has definitely made things fairly messy in that regard. But through this, we at least get some confirmation that if gold were to really run on the right set of drivers, it can really run again.The technical resistance above now poses the next key line in the sand for gold, before the 38.2 Fib retracement level at $4,576 comes into play.With the situation in the Middle East still persisting, I am still holding some reservations about this latest announcement by the US Treasury. As much as it is a surprise and material development, it may not be one that lasts unless fiscal spending in the US is reined in and/or inflation pressures cool further in the months ahead. If not, the bond vigilantes will surely be back in due time.So if gold bulls were to really try and capitalise, they only have this short and brief window to do so. But even then, I still see some key technical levels that aren't likely to so easily give way. That unless we get something more positive and constructive from the US-Iran conflict and/or from inflation/Fed developments. This article was written by Justin Low at investinglive.com.