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Gold prices edged lower as the US Federal Reserve (Fed) delivered a hawkish hold. The Fed removed inflation language, an indication of a pivot towards maintaining rates<\/a> unchanged. The XAU\/USD trades volatile within the $2,750 – $2,740 range as Fed Chair Jerome Powell<\/a> crossed the wires.<\/p>\n Powell\u2019s first question was about having been contacted by US President Donald Trump. He answered he had not spoken with Trump and firmly stated that he wouldn\u2019t comment on Trump\u2019s policies or politics.<\/p>\n In addition, Powell said that monetary policy is \u201cless restrictive than it had been,\u201d adding that the Fed is not in a rush to adjust rates. He added that the Federal Open Market Committee (FOMC) is in wait-and-see mode, eyeing fiscal and trade policies implemented by the new US administration.<\/p>\n Powell clarified the Fed doesn\u2019t have a pre-set course on setting interest rates, and when asked about the March meeting, he said they\u2019re not in a rush.<\/p>\n Given the backdrop, XAU\/USD seesawed, yet it remains near $2,750 modestly lower. After the Fed\u2019s decision, traders are eyeing the release of Gross Domestic Product (GDP) figures, jobs data, and the Fed\u2019s preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index<\/a>.<\/p>\n Gold price uptrend remains intact even though the yellow metal dips slightly following the Fed\u2019s decision. XAU\/USD hit a daily low of $2,744, trimming some of its earlier losses, and it seems poised to form a \u2018bullish harami\u2019 candle pattern, which suggests that higher prices are expected.<\/p>\n In that outcome, XAU\/USD<\/a> next resistance would be the January 24 high at $2,785. A breach of the latter will expose the record high at $2,790, followed by $2,800.<\/p>\n Conversely, if Gold extends its losses and drops below $2,750, the next support would be the $2,730, the January 27 swing low. A breach of the latter will expose $2,700.<\/p>\nDaily digest market movers: Gold price losses ground after Powell\u2019s press conference<\/h2>\n
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XAU\/USD technical outlook: Gold\u2019s uptrend intact, as XAU\/SD hovers near $2,750<\/h2>\n