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Gold Price Prediction: XAU/USD stays range-bound over $1,800 despite a rebound in risk-on sentiment

Alina Haynes

Dec 29, 2022 11:42

 截屏2022-06-10 下午4.40.17_1024x576.png

 

In the Asian session, the gold price (XAU/USD) is fluctuating modestly above the psychological resistance of $1,800.00. Despite an early-trade pullback in the US Dollar Index (DXY), the precious metal is demonstrating a dismal performance. After reaching a four-day high of 104.56 on Wednesday, the US Dollar Index has plummeted to a level below 104.30.

 

In the meantime, S&P500 futures are providing optimism for a rebound following a two-day decline. In addition, risk-perceived currencies are regaining traction as investors shrug off concerns regarding an increase in Covid-19 cases in China. Following the rise of the US Dollar Index, rates on 10-year US Treasuries have decreased to about 3.86 percent.

 

During the holiday week, the economic calendar had nothing concrete to give; nonetheless, Wednesday's release of U.S. Pending Home Sales data revealed the effects of rising interest rates by the Federal Reserve (Fed). As a result of the Fed's decision to raise the interest rate to 4.5 percent, economic data for the month of November fell by 4 percent to the lowest level in 20 years.

 

On a two-hour period, the gold price is auctioning in a neutral channel, indicating a reduction in volatility due to the absence of significant economic events. After approaching the 100-period Exponential Moving Average (EMA) around $1,802.20, the precious metal has regained power. In addition, the 200-day exponential moving average (EMA) at $1,793.35 is trending higher, indicating that the upside bias remains strong.

 

In the meantime, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that the Gold price is awaiting a new catalyst for a dramatic rise.


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