Gold fell late in the North American session yesterday (Tuesday) amid a strengthening US dollar despite falling US Treasury bond yields.
Market participants now remain awaiting the US Federal Reserve's (Fed) monetary policy announcement on Wednesday followed by a press conference by Fed Chairman Jerome Powell.
Meanwhile, the price of gold is currently at $2,155.43, down 0.10% since the opening as investors are less interested in placing new bets supporting or dropping the yellow metal.
Now, the price of the commodity still remains resilient despite experiencing a slight slippage as the average investor awaits the decision of the Federal Open Market Committee (FOMC).
Apart from delivering its monetary policy statement, they are also expected to update their projections for the US economy.
Growing concerns that the Fed will cut its estimate for the Federal Funds Rate (FFR) are making investors increasingly impatient.
The latest US economic data saw mixed readings in the trade sector and made it quite challenging to predict the pace of economic recession in the US.
The labor market has shown signs of cooling even as the economy posted more people in the workforce than expected.
Looking technically, the XAU/USD price has stabilized ahead of the FOMC decision above the December 4 high of $2,146.79. A dovish tilt by the Fed could pave the way for a recovery to the March 8 high of $2,195.15 followed by the $2,200 level.
