Gold price (XAU/USD) holds onto the bullish bias for the fourth consecutive day as it rises to the fresh high since April 2022 to near $1,950 during early Thursday. In doing so, the precious metal cheers the broad-based US Dollar weakness ahead of the first readings of the United States' fourth quarter (Q4) Gross Domestic Product (GDP). It’s worth noting that the contrasting play between the hawkish concerns surrounding the European Central Bank (ECB) and the dovish bias over the US Federal Reserve (Fed) adds strength to the XAU/USD upside via the softer USD.
Although the US Dollar weakness propels the Gold price, the XAU/USD bear’s further dominance depends upon the first readings of the US fourth quarter (Q4) Gross Domestic Product (GDP), expected to print annualized growth of 2.6% versus 3.2% prior. Also important to watch will be the US Durable Goods Orders for December and the Q4 Personal Consumption Expenditure (PCE) data. Should the scheduled data print upbeat outcomes, the Gold traders may get a reason to pare the latest gains.
Gold price justifies the previous day’s upside break of a fortnight-old ascending resistance line to refresh the multiday high. Adding strength to the bullish bias could be the metal’s sustained trading beyond the 10-Day Moving Average (DMA) and the bullish signals from the Moving Average Convergence and Divergence (MACD) indicator.
It should be noted, however, that the overbought conditions of the Relative Strength Index (RSI) line, placed at 14, appears to challenge the XAU/USD bulls. On the same line could be a convergence of the March 2022 peak and an upward-sloping trend line from December 13, 2022, close to $1,967.
If the Gold buyers cross the $1,967 hurdle, a run-up toward April 2022 high near $1,999 can’t be ruled out.
Alternatively, the immediate resistance-turned-support line, close to $1,943, restricts the nearby downside of the Gold price ahead of the 10-DMA level of $1,927.
Following that, the $1,900 round figure will precede the previous weekly low near $1,896 to act as the last defense of the XAU/USD buyers.
Overall, Gold remains bullish, but the upside room appears limited.
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