Gold Price Holds Range Ahead of FOMC Decision Amid Mixed U.S. Data

Gold remains trapped in a consolidation phase as markets brace for the Federal Open Market Committee's upcoming policy decision. The precious metal saw volatile swings last week, initially rallying to retest the critical $3,438 high-timeframe resistance before bears regained control. A weekly close below $3,357 suggests potential for further downside pressure, though the broader outlook stays neutral pending central bank guidance.

Conflicting U.S. economic indicators have created crosscurrents for Gold prices. While disappointing nonfarm payrolls and rising unemployment supported the safe-haven asset, stronger-than-expected GDP figures and robust job market data boosted the dollar, capping gold's upside. Technical levels to watch include $3,360-$3,373 as immediate resistance and $3,283-$3,308 as key support zones.

The market's neutral positioning reflects typical pre-FOMC caution. A decisive break above resistance could target $3,440, while failure to hold support may invite deeper retracement. Longer-term charts maintain constructive patterns for bulls, though shorter timeframes currently favor tactical selling opportunities.