Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data

Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory. Gold price extends its consolidative price move above the $2,300 mark during the Asian session on Thursday as traders more cues about the Fed eral Reserve's rate-cut path before placing fresh directional bets.

6% Fibonacci retracement level of the February-April rally, albeit showing some resilience below the $2,300 mark earlier this week. Moreover, oscillators on the daily chart – though have been losing traction – are still holding in the positive territory. Hence, it will be prudent to wait for some follow-through selling below the $2,300-2,290 area, or over a two-week low touched on Tuesday, before positioning for an extension of the recent pullback from the all-time peak.

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