Gold Price Forecast: XAU/USD struggles to kiss $1,810 as risk-off mood remains solid

Gold price is struggling to surpass the crucial resistance of $1,810.00 amid a risk-off mood.
Fresh stipulations of arrivals from China from various nations are expected to strengthen the US Dollar Index.
A 40.00-60.00 range oscillation by the RSI (14) is hinting a consolidation ahead.

Sagar Dua FXStreet

Gold price (XAU/USD) is facing barricades while attempting to surpass the immediate resistance of $1,810.00 in the Asian session. The precious metal is displaying an intraday inventory adjustment process, which is expected to display volatility expansion. The US Dollar Index (DXY) has displayed a recovery move after a steep correction to near 104.30.

It seems that fresh stipulations of arrivals from China from various nations, citing rising Covid-19 infections responsible for safety measures have improved the safe-haven’s appeal. The US Dollar Index has revived to near 104.40 and is expected to display more upside ahead. S&P500 futures are displaying a lackluster performance as trading activity is getting squeezed amid the festive season.

Meanwhile, 10-year US Treasury yields have corrected marginally to near 3.76% after a three-day rally. China’s Covid-inspired caution in the global markets has trimmed the demand for US government bonds. Going forward, investors will keep an eye on the release of the weekly Initial Jobless Claims data. For the past week, the United States economy reported an increment in fresh claims by 216K.

Gold technical analysis

On a two-hour scale, the Gold price is trading in a Rising Channel chart pattern that signals volatility contraction. The upper portion of the aforementioned chart pattern is placed from November 15 high at $1,786.55 while the lower portion is plotted from November 28 low at $1,739.82.

The precious metal has picked strength after dropping to near the 100-period Exponential Moving Average (EMA) at $1,802.20. Also, the 200-EMA at $1,793.35 is aiming higher, which indicates that the upside bias is still solid.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a 40.00-60.00 range, which signals that Gold price is awaiting a fresh trigger for a decisive move.

Gold two-hour chart

XAU/USD

Overview
Today last price	1807.44
Today Daily Change	3.06
Today Daily Change %	0.17
Today daily open	1804.38

Trends
Daily SMA20	1795.02
Daily SMA50	1742.79
Daily SMA100	1722.55
Daily SMA200	1781.68

Levels
Previous Daily High	1814.65
Previous Daily Low	1797.11
Previous Weekly High	1823.84
Previous Weekly Low	1783.84
Previous Monthly High	1786.55
Previous Monthly Low	1616.69
Daily Fibonacci 38.2%	1803.81
Daily Fibonacci 61.8%	1807.95
Daily Pivot Point S1	1796.11
Daily Pivot Point S2	1787.84
Daily Pivot Point S3	1778.57
Daily Pivot Point R1	1813.65
Daily Pivot Point R2	1822.92
Daily Pivot Point R3	1831.19

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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