OANDA:XAUUSD Gold price trades in the red below $2,180 early Wednesday, reversing the previous day's uptick to $2,200. The US Dollar remains on front foot, as market sentiment sours and the USD/JPY uptrend regains momentum. Focus shifts to Fed Governor Waller's speech.
Gold (XAU/USD) has lacked directional conviction since the beginning of 2024, with prices oscillating between technical resistance at ~$2,065 and horizontal support at ~$2,005. Although bullion’s prospects seemed more positive a month ago, the bullish thesis appears to be on hold for now, especially after the Federal Reserve indicated that it is in no hurry to start lowering borrowing costs. OANDA:EURUSD