Gold price (XAU/USD) struggles to find a direction as investors remain uncertain about the interest rate peak after the Federal Reserve’s (Fed) monetary policy announcement on Wednesday. The precious metal trades inside Thursday’s range as the upside is restricted due to the US economic resilience, which has been keeping expectations alive over one more interest rate increase from the Fed. On the downside, Gold also looks well supported due to consistently falling core inflation.

While the US economy has remained strong on the grounds of labor demand, wage growth, services sector activity, and consumer spending, the country’s manufacturing sector has remained a major concern. US factory activity has been contracting for a long time, and further pressure cannot be ruled out as firms aim to control costs through lower inventory backup to avoid higher working capital requirements. Gold price recovers after a correction to near $1,915.00. The precious metal trades inside Thursday’s range around $1,925.00. The broader trend is sideways amid uncertainty over the interest rate peak. The precious metal is consistently taking support near the 200-day Exponential Moving Average (EMA) at $1,910.00, exposed to further downside as investors are using the pullbacks as selling opportunities.