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Gold price (XAU\/USD) retains its bearish bias for the second straight day on Wednesday and trades near the $3,285 region, or over a one-week low during the first half of the European session. The US Dollar<\/a> (USD) stands firm near a two-week top amid expectations that the Federal Reserve (Fed) would keep interest rates<\/a> elevated in anticipation of worsening inflation as a result of higher import taxes and a resilient US labor market. This remains supportive of elevated US Treasury bond yields and weighs on the non-yielding yellow metal. <\/span><\/p>\n Apart from this, a stable performance around the European equity markets turns out to be another factor exerting additional downward pressure on the safe-haven Gold price. However, concerns about the potential economic fallout from US President Donald Trump’s trade tariffs keep investors on edge, which, could help limit losses for the XAU\/USD pair. Traders might also opt to wait for the release of FOMC meeting Minutes, which could offer cues about the Fed’s rate-cut path and provide some meaningful impetus to the precious metal. <\/span><\/p>\n The overnight failure near the 100-period Simple Moving Average (SMA) pivotal resistance on the 4-hour chart and acceptance below the $3,300 mark could be seen as a key trigger for the XAU\/USD bears. Moreover, oscillators on the daily chart have just started gaining negative traction and suggest that the path of least resistance for the <\/span>Gold price<\/span><\/a> is to the downside. Hence, a subsequent fall towards the next relevant support near the $3,270 horizontal zone, en route to the $3,248-3,247 region or the June monthly swing low, looks like a distinct possibility.<\/span><\/p>\n On the flip side, attempted recovery beyond the $3,310 immediate hurdle might now face some hurdle near the $3,326 area. Any further move up might continue to attract fresh sellers near the 100-SMA on the 4-hour chart, currently pegged near the $3,340 region. Some follow-through buying, leading to subsequent strength beyond the $3,359-3,360 supply zone, could trigger a short-covering move and allow the <\/span>Gold<\/span><\/a> price to reclaim the $3,400 round figure.<\/span><\/p>\n FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve<\/a> and are a clear guide to the future US interest rate policy.<\/p>\nDaily Digest Market Movers: Gold price struggles to attract buyers as reduced Fed rate cut bets offset trade tensions<\/span><\/h2>\n
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Gold price could accelerate the downfall once the $3,270 horizontal support is broken<\/span><\/h2>\n
Economic Indicator<\/h2>\n
FOMC Minutes<\/h3>\n