Gold prices were seen trading within the range in a holding pattern ahead of the start of the two-day FOMC meeting today. The outlook for Fed officials remains a lot more clouded amid latest inflation figures showing practically no price pressures. Meanwhile, the economy continues to rise at a steady pace with the labor market remaining the cornerstone of growth.
Will XAUUSD Continue to Consolidate?
Gold prices extended declines, but the daily price action was steady within Friday’s range. This could potentially see prices holding steady ahead of the Fed meeting due on Wednesday. XAUUSD continues to remain buoyed to the upside by the 200-day moving average. As XAUUSD forms the resistance at 1285, price action remains flat for the moment. But a breakout is likely in either direction.
