Gold price (XAU/USD) continues with its struggle to gain any meaningful traction and extends its sideways consolidative price move during the Asian session on Tuesday.
Gold price remains confined in a narrow range as traders prefer to wait on the sidelines. Reduced Fed rate cut bets revive the USD demand and act as a headwind for the metal. Investors now await the FOMC decision and US macro data before placing directional bets. Gold price continues with its struggle to gain any meaningful traction and extends its sideways consolidative price move during the Asian session on Tuesday.
Technical Analysis: Gold price needs to find acceptance above 200-hour SMA for bulls to seize near-term control From a technical perspective, the Gold price has been struggling to make it through the 200-hour Simple Moving Average barrier over the past two days. The said hurdle, currently pegged near the $2,346 region, now coincides with the 38.2% Fibonacci retracement level of the recent pullback from the all-time peak and should act as a key pivotal point. This is followed by 50% Fibo.
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