Gold Clings to Key Short-Term Support near $1,800 Amid The Holiday-Shortened Week


Gold price (XAU/USD) remains mildly bid as bears take a breather after a two-day downtrend. Even so, mixed catalysts challenge the metal buyers in consolidation the biggest daily fall in over a week.

That said, optimism surrounding China’s pro-growth policies and the Sino-American tussles contradict of late, which, in turn, tests Gold traders. However, a lack of momentum in the bond markets seems to restrict immediate XAU/USD moves as traders await the US Core Personal Consumption Expenditure (PCE) – Price Index and Durable Goods Orders for November ahead of a holiday-shortened final week of 2022.

The cautious sentiment could also be linked to the recently firmer US GDP and CB Consumer Confidence figures that renewed hawkish Fed bets. However, the US central bank hasn’t been too convincing for the XAU/USD bulls in its latest monetary policy meeting. As a result, firmer prints of the scheduled data become necessary to recall the Gold sellers.

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