The price of gold, represented by XAUUSD at 1,932.42, remains unchanged and stable around 1,932 as significant central bank events approach.

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• Gold price remains flat near 1,932 ahead of major central bank events.

The pair currently trades last at 1932.42.

The previous day high was 1934.32 while the previous day low was 1922.62. The daily 38.2% Fib levels comes at 1929.85, expected to provide support. Similarly, the daily 61.8% fib level is at 1927.09, expected to provide support.

Gold price (XAU/USD) consolidates its recent gains above the $1,900 mark during the Asian session on Tuesday. Traders prefer to wait on the sidelines ahead of the major central banks’ monetary policy meeting. The Federal Reserve (Fed), the Bank of England (BoE), and the Bank of Japan (BoJ) will announce the interest rate decision later this week and these events could trigger the volatility in the market. At the press time, gold price is losing 0.06% on the day to trade at $1,932.

The Federal Reserve (Fed) is scheduled to announce the two-day monetary policy meeting on Wednesday and is widely expected to hold the interest rates in the 5.25% to 5.5% range. According to the CME Fedwatch Tool, the odds of keeping rates unchanged at 99%. However, markets remain cautious of the Fed’s outlook, owing to a recent uptick in inflation data and the resiliency of the US economy, which could pave the way to additional rate hikes.

Traders will closely monitor the press conference of Federal Reserve Chairman Jerome Powell, which might provide clues about the future path of interest rates. It’s worth noting that rising interest rates raise the opportunity cost of investing in non-yielding assets, implying a negative outlook for precious metals.

Meanwhile, a gauge of the value of the US dollar versus six major currencies faces some follow-through selling but remains above 105.10. US Treasury yields fell on Tuesday, with the 10-year bond falling to 4.30% by press time. The Greenback’s strength is being undermined by declining yields.

Looking ahead, gold traders will closely watch the Fed interest rate decision on Wednesday at 18:00 GMT. The attention will shift to the press conference by Fed Chairman Jerome Powell at 18:30 GMT for some hints about the ‘dot plot’ and inflation expectations. Later this week, the BoE will announce its benchmark rates on Thursday, and the BoJ monetary policy meeting is scheduled for Friday. These figures could give a clear direction to gold prices.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1932.28 at the time of writing. Pair opened at 1933.82 and is trading with a change of -0.08 % .

The pair is trading above its 20 Daily moving average @ 1922.88, above its 50 Daily moving average @ 1932.0 , below its 100 Daily moving average @ 1946.42 and above its 200 Daily moving average @ 1922.91

The previous day high was 1934.32 while the previous day low was 1922.62. The daily 38.2% Fib levels comes at 1929.85, expected to provide support. Similarly, the daily 61.8% fib level is at 1927.09, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1926.19, 1918.55, 1914.49
• Pivot resistance is noted at 1937.89, 1941.95, 1949.59

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