Gold Price Analysis — December 30

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Gold (XAU/USD) continued its sideways journey in the early European session on Wednesday, as the commodity is locked in a battle with the $1880 price point.

The yellow metal could not capitalize on last week’s goodish bounce to the $1900 psychological figure amid the flourishing upbeat market risk mood. The global sentiment got more bolstering from the recent announcement that UK regulators have approved the use of AstraZeneca/Oxford Coronavirus vaccine.

Additionally, hopes for another round of US financial aid and growing expectations of a strong global economic recovery in 2021 lent further to the prevailing risk-on appetite. This risk sentiment was seen as one of the crucial factors undermining demand for traditional safe-haven assets, including gold.

Meanwhile, the ongoing flight from the US dollar (DXY) offered some support to the dollar-denominated commodity and has forestalled any sharp decline. The greenback came under renewed pressure after Senate Majority Leader Mitch McConnell blocked efforts to bring up COVID-19 relief payments to $2,000 from the initially proposed $600.

Market participants will now be looking at the US economic data today–which features the Goods Trade Balance, Chicago PMI, and Pending Home Sales–for trading clues. This data release, coupled with the broader market risk sentiment, could influence the dollar’s price dynamics, which would inadvertently affect the XAU/USD.

Gold (XAU) Value Forecast — December 30

XAU/USD Major Bias: Sideways

Supply Levels: $1893, $1900, and $1907

Demand Levels: $1876, $1865, and $1859

Gold remains solidly in consolidation mode between the $1893 – $1859 pivot zones. However, the commodity appears to also be consistent with the prevailing ascending channel, as it continues to record higher lows. This factor is a good indication that bulls are still in control, albeit with little action.

That said, we expect the precious metal to continue proceeding with our upward-facing channel in the coming hours and days. A fall from this level could get repelled by the $1859 pivot point and, subsequently, by the $1850 support.

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