Gold's price extends its gains for the third straight day, yet it remains within familiar levels, with traders bracing for the US Federal Reserve’s (Fed) monetary policy decision on May 1.
Gold continues its three-day rally, buoyed by falling US Treasury yields and a weakening US Dollar. Recent US economic data, including underperforming GDP and stable core PCE inflation rates, increasing expectations for Fed holding rates. Attention now turns to the US Fed eral Reserve's monetary policy decision on May 1 and forthcoming Nonfarm Payrolls data.
Technical analysis: Gold price consolidates around $2,330 Gold price remains upwardly biased, though to extend its gains, buyers need to reclaim the April 26 high of $2,352, so they can remain hopeful of challenging higher prices. The next resistance would be the $2,400 mark, followed by the April 19 high at $2,417 and the all-time high of $2,431. On the flip side, if the XAU/USD price dips below the April 15 daily low of $2,324, that would pave the way to test $2,300.
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