Gold Price Forecast: XAU/USD struggles to find direction as focus shifts to Fed policy

Gold Price Forecast: XAU/JUSD struggles to find direction as focus shifts to Fed policy Gold XAUUSD Fed Inflation Volatility

awaiting the announcement of the interest rate decision by the Federal Reserve . The yellow metal is bounded in a range of $1,970-2,010 from the past week as investors are anxious about knowing the importance of May’sS&P500 settled last week with 1% gains despite a sell-off in the initial days. After digesting renewed fears of United States banking woes investors shifted their focus on upbeat quarterly earnings from technology stocks.

Meanwhile, the monthly core Personal Consumption Expenditure Price Index remained consistent with estimates and former acceleration at 0.3%. The preferred tool of the Fed to judge the overall context of inflationary pressures in the US economy landed at 4.6% higher than expectations of 4.5% but lower than the former release of 4.7% on an annual basis, indicating stubbornness in core inflation.Gold price is inside the woods from the past week in a range of $1,969-2,014 on a four-hour scale.

Also, the Relative Strength Index is oscillating in the 40.00-60.00 range, indicating an absence of a critical trigger.

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