• Gold Price remains mildly bid, mostly sidelined, during the sixth consecutive week of uptrend.
• Market’s cautious mood ahead of the next week’s Federal Reserve (Fed) meeting probes Gold buyers.
• United Stated Purchasing Managers Index for January failed to recall US Dollar buyers, allowed XAU/USD to remain firmer.
• US GDP could offer the last key signal ahead of Fed to Gold traders.

Gold price (XAU/USD) seesaws around $1,938 as bulls take a breather inside a bearish chart pattern during early Wednesday. In doing so, the bright metal depicts the market’s mixed feelings amid downbeat data from the United States, as well as the cautious mood ahead of the next week’s Federal Reserve (Fed) meeting. Even so, the US Dollar weakness and optimism surrounding Europe, as well as China, appears to favor the XAU/USD bulls.

Lack of clarity in the market probes Gold buyers

Although the Gold buyers keep the reins for the sixth consecutive week, the mixed signals from global markets and the Federal Reserve’s (Fed) silence period ahead of next week’s Federal Open Market Committee (FOMC) seems to restrict the XAU/USD moves. Also challenging the Gold traders could be the one-week-long holidays in China due to the Lunar New Year (LNY) celebrations. It’s worth noting that the European Central Bank (ECB) officials also sneak into the pre-monetary policy blackout starting from today and adds barriers to the Gold price moves. While portraying the sentiment, the US 10-year Treasury yields dropped five basis points (bps) to 3.455% but Wall Street closed mixed.