- Gold Price remains mildly bid, mostly sidelined, during the sixth consecutive week of uptrend.
- Market’s cautious mood ahead of the next week’s Federal Reserve (Fed) meeting probes Gold buyers.
- United Stated Purchasing Managers Index for January failed to recall US Dollar buyers, allowed XAU/USD to remain firmer.
- US GDP could offer the last key signal ahead of Fed to Gold traders.
Gold price (XAU/USD) seesaws around $1,938 as bulls take a breather inside a bearish chart pattern during early Wednesday. In doing so, the bright metal depicts the market’s mixed feelings amid downbeat data from the United States, as well as the cautious mood ahead of the next week’s Federal Reserve (Fed) meeting. Even so, the US Dollar weakness and optimism surrounding Europe, as well as China, appears to favor the XAU/USD bulls.
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