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Gold Price Prediction: XAU/USD aims to hold over $1,800 as market sentiment surges

Daniel Rogers

Dec 27, 2022 10:53

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Gold price (XAU/USD) has surpassed Friday's peak around $1,804.00 and is anticipated to change its auction profile over the psychological resistance of $1,800.00 during the Tokyo session. The precious metal is anticipated to maintain its upward pace as market players' risk appetite improves.

 

The risk profile has turned positive as investors anticipate a future fall in U.S. inflation, driven by a reduction in the Personal Consumption Expenditures (PCE) Price Index. A fall in consumption expenditure represents a reduction in household demand, which will be compensated by a decline in the pricing of products and services. This resulted in the S&P 500's rebound on Friday. In addition, a decrease in the demand for durable goods has bolstered prospects of a future reduction in inflation.

 

In the meantime, the US Dollar Index (DXY) has dropped abruptly to about 103.75 after struggling to surpass the immediate resistance level of 104.00 as a slowdown in family spending may compel the Federal Reserve (Fed) to reduce the upcoming peak in interest rates. Yields on 10-year US Treasuries have decreased to about 3.73 percent.

 

The gold price has rallied after testing the lower boundary of the four-hour Rising Channel chart pattern. The upper section of the aforementioned chart pattern is drawn from the high of around $1,786.55 on November 15, while the lower portion is drawn from the low of approximately $1,740.00 on November 29. The 100-period Exponential Moving Average (EMA) at approximately $1,791.00 has served as a significant support for the Gold price.

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