Gold price consolidates after a two-day sell-off amid a light economic calendar.

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• Gold price consolidates after a two-day sell-off amid a light economic calendar.
• The US Dollar falls slightly, but its broader appeal is bullish amid a robust performance of the US economy.
• A strong order book for US manufacturing and service sectors has set a positive undertone for 2024.

Gold price (XAU/USD) struggles to find a direction in Tuesday’s European session amid a lack of data drivers as the economic calendar in the United States is light this week. The two-day sell-off in the precious metal has paused for a while as various Federal Reserve (Fed) are lined up to provide their outlook on interest rates. The rally in the US Dollar Index (DXY) has paused, but more upside is likely as Fed policymakers consistently deny the need for early rate cuts.

The chances of aggressive rate cuts by the Fed have sharply diminished as the US economy is outperforming. Fed policymakers have warned that an early rate-cut decision could support demand and boost the economy, which would slow the progress of inflation declining towards the 2% target.

The Gold price oscillates in a tight range around $2,025 on Tuesday. The precious metal remains inside Monday’s trading range, which indicates that investors await a fresh economic trigger for further guidance. The 50-day Exponential Moving Average (EMA) at $2,021 continues to provide support. On a broader note, the Gold price is expected to remain well-supported above the psychological cushion of $2,000. Meanwhile, the 14-period Relative Strength Index (RSI) indicates a lackluster performance ahead, oscillating in the 40.00-60.00 range.

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