Gold prices were slightly volatile on Thursday, but the price was confined to a range. It is likely that the precious metal will maintain a flat position into next week’s Fed meeting. For the time being, a lack of any clear fundamentals and a risk-on sentiment keeps the prices of the precious metal in check.
XAUUSD Fails to Break Out Above Resistance
XAUUSD briefly spiked above the resistance level of 1508 on Thursday. But price action turned lower thereafter, settling back lower below the 1508 region. The sideways range of 1508 – 1485 is expected to continue in the near term. Gold prices will remain range-bound unless we get to see a strong breakout from this level. The bias is to the downside, for a possible move to 1431 – 1428 region.