GOLD Price Analysis: Factors Influencing Market Movement

Gold continues its struggle to find significant momentum in Wednesday's trading session, remaining confined within a multi-day trading range. Despite reaching the 2024.70 level, the presence of the 200 moving average and the 61.8% Fibonacci level on the hourly timeframe suggests a potential reversal. Additionally, the RSI touching oversold territory hints at a new bullish impulse, with the price currently trading at 2028.15.

The US Dollar (USD) has gained positive traction amid growing expectations that the Federal Reserve (Fed) will postpone interest rate cuts until the June policy meeting. This sentiment acts as a headwind for gold, compounded by strong bullish sentiment in global equity markets, further limiting upside potential for the safe-haven commodity.

Investor caution prevails ahead of the critical US Personal Consumption Expenditures (PCE) Price Index release on Thursday, contributing to the subdued market sentiment.

However, non-yielding assets like gold may attract higher inflows if investors anticipate a shift in the Fed's interest rate policy.

With these factors in mind, traders may consider a scalp long position with a target of 2034.000

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