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Gold Price Prediction: XAU/USD expects demand to exceed $1,810 amidst a risk-recovery

Alina Haynes

Dec 30, 2022 11:26

 截屏2022-12-29 下午4.57.32_1024x576.png

 

After a corrective dip to about $1,810.00 in the Asian session, the gold price (XAU/USD) has gained demand. The precious gold retraced after touching the $1,820.00 resistance level, but it is anticipated to resume its ascent as the risk aversion theme has diminished.

 

A strong rebound in the S&P 500 on Thursday, following a two-day decline, erased the market's risk-averse disposition. As value-buying arose, investors jumped in to provide support for United States shares. Meanwhile, a drop in the desirability of safe-haven assets led to a decline in the US Dollar Index. The USD Index fell close to 103.50, which has been a crucial support level this week. A substantial improvement in market mood reversed the four-day decline in US Treasury bonds.

 

After a surge in the number of weekly jobless claims, the U.S. dollar experienced intense pressure. The number of first-time claimants increased to 225K for the week ending December 23. This exemplified a slowing in the employment process among businesses brought on by rising interest rates.

 

Early Thursday morning in Asia, Reuters released a White House statement stating that President Joe Biden had signed a $1.66 trillion package to fund the United States government for fiscal year 2023. Reuters also reported that Congress passed the law last week and that Biden recently signed it while on vacation on the Caribbean island of St. Croix. New economic stimulus in the United States could contribute to a future decline in the US Dollar Index.

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