Gold consolidates in a range; bulls have the upper hand while above $3,300

• Gold price bulls seem to be reluctant as a positive risk tone slows down demand for safe properties.
• Upbeat US Macro data on Thursday supports the USD, which contributes to creating precious metal.
• Trade-related uncertainty and Fed Rate Cut Bets should help limit losses for XAU/USD pair.

The Gold Price (XAU/USD) struggles to achieve the previous day's move higher and oscillates in a narrow trading band during the Asian session on Friday in the middle of the mix -a major cues. Signs of avoiding tensions between the US and China – the two largest economies in the world – remain supportive of a positive tone around equity markets. Moreover, a modest US (USD) dollar becomes another factor that contributes to maintaining a lid on precious metal.

Meanwhile, Federal Reserve (FEDs) officials have shown willingness for potential interest rate cuts, which can capture the USD upside down and act as a tail for non-yielding gold prices. Moreover, concerns about the potential economic collapse from US president's trading tariffs Donald Trump and the ongoing geopolitical uncertainty suggest that the path of at least fight for safe commodity goods remains reversed, guarantee some precautions for aggressive merchants.

Daily -Sales Digest Market Movers: Gold price merchants refuse to put aggressive direction bets amidst mixed -a -hints

• Investors remain hoping for the potential de-escalation of the US-China trade war, acting as a headwind for the safe gold prices during the Asian session on Friday. In fact, US president Donald Trump said Thursday that trade communication between the US and China was conducted.
• This came after Foreign Ministry of China Guo Jiakun told reporters that China and the US did not conduct consultations or negotiations on tariffs, and called reports of such information false news. It emphasizes uncertainty in the ongoing trade war.
• The US dollar is taking some support from most US MacRO data increased data released on Thursday. In fact, the U.S. Department of Labor reported that the initial claim of unemployment increased moderately to 222,000 for the week ending on April 19 and pointed to the ongoing stability in the labor market.
• The US Census Bureau reported that strong commodity orders moved by 9.2% in March, defeating a 2% forecast and marked a third consecutive increase. Transportation equipment also increased in a third month, falling by 27%.
• Meanwhile, a duo of Federal Reserve officials discussed willingness for potential reductions in interest rate as soon as possible. In fact, Cleveland Fed President Beth Hammack said a cutting rate once June could have been possible if clear and convincing data in the direction of the economy was obtained.
• Separately, Governor Christopher Waller said in an interview with Bloomberg that he would support rate cuts if tariffs were starting to weigh the work market. In addition, entrepreneurs are still proning the possibility that the Fed will lower the costs of borrowing at least three times by the end of this year.
• On the geopolitical front, a Russian missile attack on Ukraine's capital Kyiv killed at least twelve people and injured twelve. It has been one of the latest strikes since Russia launched its entire invasion more than three years ago and maintains the geopolitical risk premium in play.
• Entrepreneurs are now expecting the release of the revised US consumer sentiment index. Moreover, trade-related developments may influence the USD, which, along with greater feelings of risk, can produce short-term trading opportunities around the XAU/USD pair.

The price of gold can attract some dip-buyers and find decent support near the $ 3,300 mark; Bullish Bias remains

From a technical point of view, a good rebound from the weekly low touched Wednesday by stalls near the 23.6% of Fibonacci shrinkage of the latest leg from around the mid-$ 2,900So low-monthly swing. Such a hindrance is peg near the $ 3,368-3,370 region, which should now act as a major pivotal point. Given that the oscillators in the sun -day chart are held comfortably in positive territory, a prolonged strength beyond should allow the price of gold to recover the $ 3,400 mark. The subsequent move is likely to further extend to the $ 3,425-3,427 intermediate hurdle, above which bulls can make a fresh attempt to conquer the $ 3,500 psychological mark.

On the flip side, the weakness below the $ 3,330 area can still be seen as a purchase opportunity and remain limited to the $ 3,300 mark, which is close to 38.2% FIBO. level. This is followed by a weekly swing, around $ 3,260 places, which if damaged should provide a way for continuing this week's decline from the $ 3,500 mark, or all time peak. The price of gold can accelerate the collapse to the 50% level of retirement, around the $ 3,225 region, the route to the $ 3,200 mark. Some of the following sales would suggest that precious metal preceded and move the near term bias in favor of bearish businessmen.