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Gold’s price snaps two days of gains, yet it remains within familiar levels, with traders bracing for the US Federal Reserve\u2019s (Fed) monetary policy decision on May 1. Last week, data from the United States (US) showed that Gross Domestic Product (GDP) missed the mark, while the Fed\u2019s preferred gauge for inflation, the Core Personal Consumption Expenditure<\/a> Price Index (PCE), stalled for the second straight month at 2.8% YoY.<\/p>\n The XAU\/USD retreats below the daily open and trades at $2,334, down 0.11%, courtesy of an improvement in risk appetite<\/a>, lower US Treasury yields, and a weak US Dollar<\/a> (USD). The Fed is expected to keep interest rates<\/a> on hold following Fed<\/a> Chairman Jerome Powell\u2019s remarks in which he said the current monetary policy stance is appropriate due to the lack of progress on curbing inflation. Besides that, Investors will be eyeing the release of US Nonfarm Payrolls figures on Friday.<\/p>\n 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.<\/p>\n On the flip side, if the XAU\/USD<\/a> price dips below the April 15 daily low of $2,324, that would pave the way to test $2,300. A breach of the latter would expose the April 23 low of $2,229, followed by the March 21 high at $2,222.<\/p>\nDaily digest market movers: Gold price climbs amid tumbling US yields<\/h2>\n
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Technical analysis: Gold price consolidates around $2,330<\/h2>\n