The XAU/USD gold price prediction again printed a slight increase around $1,840 in the Chinese region. The precious metal pared its longest daily decline in the next two weeks, taking cues from market cautionary optimism and the USD plunge.

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Gold Price Prediction

 


Nevertheless, headlines around China and the U.S. debt seem to support a new improvement in the risk profile. That said, President Xi Jinping sympathized while showing his readiness to deepen industrial and investment cooperation with Central Asia. In line with Xi, China's Finance Minister Liu Kun said that fiscal revenue in 2023 is expected to grow this year, although the growth rate is not too high. In addition, chatter about the U.S. debt crisis seems to be fueling hopes for a faster solution to the big problem in the next few days and investigating the U.S. Treasury Department. It is worth noting that the WGC update showing China's large gold imports in 2022, the largest since 2018, also seems to have laid the groundwork below the XAU/USD price especially after the previous day's decline. 


Above all, the Fed's hawkish bias led by US data and rising US Treasury yields seem to be challenging gold buyers. Against this backdrop, the S&P 500 printed a slight gain around 4,165 while extending gains earlier in the day while the US 10-year Treasury yield retreated after being at a 1.5-month high marked on Wednesday. It decreased by 2 bps close to 3.78% percentage point. DXY fell about 0.20% to 103.65 at the latest, after briefly rising to a 1.5-month high the previous day. Furthermore, gold traders should pay attention to the U.S. second-tier data regarding the housing market, producer prices and industrial activity for a fresh boost. 

Technical Analysis Gold Price Prediction


Despite the latest gold price rebound, the resistance line dropped for two weeks around $1,850, challenging buyers, as this news was made. What also casts doubt is that the upside bias is the bearish MACD signal and the RSI 14, but not to the point of being oversold. Even if gold prices manage to break through the $1,850 hurdle, the 50-DMA level around $1,862 and the previous support line from late November 2022, near $1,905 at the latest, could test the XAU/USD rally before giving them control. Alternatively, Gold sellers may wait for a clear downside breakout of the two-month horizontal support area around $1,820 before outpacing their dominance. In this case, the round figures of $1,800 and $1,750 could test the XAU/USD bears before pointing them to the late November 2022 swing lows around $1,720.


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