The price of gold, denoted as XAUUSD, remains steady at $1,930.58 as it moves sideways, reflecting a cautious approach or a holdback in anticipation of further developments.

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• Gold price trades sideways around $1.930 amid the wait-and-see mode.

The pair currently trades last at 1930.58.

The previous day high was 1937.44 while the previous day low was 1929.79. The daily 38.2% Fib levels comes at 1932.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1934.52, expected to provide resistance.

Gold price (XAU/USD) consolidates around $1,930 during the Asian trading hours on Wednesday. Market players prefer to wait on the sidelines ahead of the Federal Reserve (Fed) Interest Rate Decision and FOMC Press Conference. These events could trigger the volatility in the market

Meanwhile, a gauge of the value of the US dollar versus six major currencies remains flat near 105.10 after bouncing off a weekly low of 104.81. The yield on the US 10-year Treasury note has reached its highest level in 16 years, hovering at 4.365%, which could limit the downside of the US Dollar (USD).

The Federal Reserve (Fed) is set to announce its two-day monetary policy meeting on Wednesday, and interest rates are widely anticipated to remain in the 5.25% to 5.5% range. According to the CME Fedwatch Tool, the odds of keeping rates unchanged in its September meeting is 99%. However, the probability of another rate hike had been lowered in the November and December meetings, according to the CME FedWatch Tool.

The Press Conference by Fed Chairman Jerome Powell will offer some hints about the ‘dot plot’ and inflation expectations. 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.

Moving on, gold traders will focus on the highly-anticipated Fed interest rate decision on Wednesday at 18:00 GMT. This event could give a clear direction to gold prices. Later this week, the BoE will announce its benchmark rates on Thursday, and the BoJ monetary policy meeting is scheduled for Friday.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1931.2 at the time of writing. Pair opened at 1931.38 and is trading with a change of -0.01 % .

The pair is trading above its 20 Daily moving average @ 1924.58, below its 50 Daily moving average @ 1931.99 , below its 100 Daily moving average @ 1945.57 and above its 200 Daily moving average @ 1923.66

The previous day high was 1937.44 while the previous day low was 1929.79. The daily 38.2% Fib levels comes at 1932.71, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1934.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1928.3, 1925.22, 1920.65
• Pivot resistance is noted at 1935.95, 1940.52, 1943.6

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