Gold price consolidates in a tight range above $2,400 early Wednesday, awaiting Fed Minutes. The US Dollar steadies alongside US Treasury bond yields, as risk sentiment remains tepid. Bullish RSI on the daily chart continues to keep Gold buyers hopeful. Gold priceis trading back and forth in a tight range above $2,400 early Wednesday, consolidating the previous losses. Gold traders await the Minutes of the US Federal Reserve May policy meeting for fresh trading impetus.
However, Gold price needs to yield a daily closing above the upside barrier of the wedge at $2,450 to iniate a sustained uptrend. That level is the lifetime high for Gold price. Recapturing the latter could expose the upside toward the $2,500 level. However, if Gold buyers fail to regain lost momentum, a fresh drop toward the May 17 low of $2,374.