• Gold Price lacks clear directions as bears struggle with $1,930 key support.
• Fed Chair Powell’s unimpressive testimony, off in China restricts immediate XAU/USD moves.
• Cautious mood ahead of multiple central bank announcements also prods Gold traders.

Gold Price (XAU/USD) remains on the back foot as it jostles with short-term key support, lacks a directional sense of late, as markets await a slew of central bank decisions. Apart from the pre-announcement anxiety, the holiday in China and mixed catalysts about the Fed also restrict the Gold Price moves.

Fed Chairman Jerome Powell stuck to hawkish bias in his bi-annual testimony to the US House Financial Services Committee the previous day. However, the absence of any fresh comments, as well as contrasting statements from other Fed Officials, weighs on the US Dollar and restricts XAU/USD moves.

Even so, major central banks’ defense of the “higher for longer” interest rate view and doubts about China’s rejections of recession woes, as well as the Sino-American tension, exert downside pressure on the Gold Price.

Moving on, monetary policy announcements from the UK, Switzerland, Mexico, Turkey and Indonesia are in the pipeline and can infuse the market’s volatility.

Also read: Gold Price Forecast: XAU/USD downside bias remains intact whilst below 100 DMA at $1,942