Gold price struggles to gain any meaningful traction and hangs near one-week low. Hawkish Fed expectations underpin the USD and act as a headwind for the metal. Traders seem reluctant to place aggressive bets ahead of the crucial FOMC decision. Gold price extends its sideways consolidative price move during the Asian session on Wednesday as traders opt to wait for the outcome of the highly anticipated FOMC monetary policy meeting.
Technical Analysis: Gold price bulls need to wait for a breakout through a descending channel Against the backdrop of the recent blowout rally to the record peak, the pullback witnessed over the past week or so along a downward-sloping channel, constitutes the formation of a bullish flag pattern. Furthermore, technical indicators on the daily chart have eased from the overbought territory and are still holding comfortably in the positive zone.
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