Gold Price Prediction: Bears lurk behind $1,790 during the holiday season — Convergence Detector

After a two-day slump, the gold price (XAU/USD) stays slightly bid as bears take a respite. Nonetheless, diverse catalysts pose a challenge to metal buyers in the consolidation of the largest daily decline in more than a week.

However, optimism around China's pro-growth plans and Sino-American squabbles have recently contradicted one another, testing Gold dealers. Traders expect the US Core Personal Consumption Expenditure (PCE) - Price Index and November Durable Goods Orders before the holiday-shortened final week of 2022.

The cautious mindset may also be attributable to the recent improvement in US GDP and CB Consumer Confidence, which rekindled hawkish Fed bets. In its most recent monetary policy meeting, however, the Federal Reserve failed to convince the XAU/USD bulls. Consequently, stronger prints of the scheduled data are required to recall the Gold sellers.