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Gold Price Forecast: XAU/USD keeps hovering around $2,150 ahead of Federal Reserve’s decision

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Gold trimmed Monday’s gains amid resurgent US Dollar demand, with XAU/USD trading around $2,154 in the mid-American session.

XAU/USD Current price: $2,153.80 Asian central banks delivered dovish messages, underpinning the US Dollar. Investors await the Federal Reserve monetary policy announcement with a cautious stance. XAU/USD trades range bound around $2,150, with the upside limited in the near term. The Greenback found strength following central banks’ mostly dovish announcements, as the Reserve Bank of Australia and the Bank of Japan unveiled their monetary policy decisions.

The United States central bank will unveil its decision on Wednesday alongside fresh economic projections. Financial markets head into the event with high levels of caution, as recent data suggest US policymakers may hold rates higher for longer. XAU/USD short-term technical outlook The daily chart for XAU/USD shows the pair held above the 23.6% Fibonacci retracement of the bullish run between $1,984.03 and $2,195.2 at $2,145.17, the immediate supportlevel.

 

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