Gold Price Prediction: Choppy Session Continues, Brace for a Breakout

Today in Asian trading hours, the bullion succeeded in extending its previous day’s winning streak. It drew some further bids around $1,800 marks as the renewed fears over the third dangerous wave of coronavirus infections and COVID-19 vaccine jitters keep the market trading sentiment under pressure. The safe haven appeal was also triggered after Russia warned over global interference in its tussle with Ukraine, putting a further burden on the marker sentiment. Besides, the losses in the U.S. dollar, triggered by the falling U.S. Treasury yields tend to underpin the dollar-denominated commodity as the price of GOLD is inversely related to the U.S. dollar. Alternatively, the U.S. recently showed readiness to do smooth nuclear discussions with Iran, which was seen as one of the key factors that kept a lid on any additional gains in the yellow metal prices. As of writing, the yellow metal is trading at 1,791.13 and consolidating in the range between 1,790.38 and 1,797.91. The market trading sentiment failed to stop its previous day’s bearish performance and remained depressed on the day as renewed fears about the third deadly wave of coronavirus infections in some countries continued weighing on the mood. As per latest reports, India recorded 310,000 new cases and Japan is set for recalling emergencies. Thus, the bearish appearance of the U.S. stocks futures tends to highlight the risk-off sentiment, which benefitted the safe haven XAU/USD to stay bid. Deadlock over the U.S. infrastructure spending bill and doubts about the need for a third vaccine shot to gain immunity over the deadly virus also weighs on the trading sentiment.