Gold price (XAU/USD) struggles to capitalize on the overnight bounce from the $1,957-1,956 region or a two-week low, and oscillates in a narrow trading band during the Asian session on Wednesday.
Gold price oscillates in a narrow range amid the uncertainty over the Fed’s rate-hike path. Declining US bond yields caps the recent USD recovery and lends support to the XAU/USD. Traders now await Fed Chair Jerome Powell’s speech before placing fresh directional bets. Traders now seem reluctant and are seeking clarity on the Federal Reserve’s rate-hike path before placing fresh directional bets.
On the flip side, any meaningful recovery attempt now seems to confront stiff resistance near the $1,980 area. This is followed by the $1,992 hurdle ahead of the $2,000 psychological mark and the post-NFP swing high, around the $2,004 area. Bulls are likely to wait for some follow-through buying beyond the $2,009 region, or a multi-month high touched in October, before placing fresh bets.
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