Gold price (XAU/USD) struggles to capitalize on the overnight bounce from the $2,319 area and oscillates in a narrow band below the 50-day Simple Moving Average (SMA) during the Asian session on Wednesday.
Gold price continues with its struggle to gain any meaningful traction on Wednesday. Traders seem reluctant and prefer to wait for more cues about the Fed ’s rate-cut path. Investors look to FOMC minutes for some impetus ahead of the NFP report on Friday. Gold price struggles to capitalize on the overnight bounce from the $2,319 area and oscillates in a narrow band below the 50-day Simple Moving Average during the Asian session on Wednesday.
Wednesday's US economic docket also highlights the release of the ISM Services PMI, which might influence the USD price dynamics and contribute to producing short-term trading opportunities around the metal. Technical Analysis: Gold price could appreciate further once the 50-day SMA barrier is taken out decisively From a technical perspective, the recent range-bound price action points to indecision among traders over the near-term trajectory.
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