• Gold price remains sidelined around multi-day top, stays firmer past $1,950 confluence level.
• Fewer technical hurdles, expected hawkish outcomes from ECB keep XAU/USD buyers hopeful.
• US second-tier data, risk catalysts may entertain Gold traders ahead of NFP.

Gold price (XAU/USD) grinds near the highest levels since April 2022, making rounds to $1,952-50 during early Thursday. In doing so, the XAU/USD bulls seem to catch a breather after rising the most in a fortnight as markets brace for a few more central banks and the US jobs report.

That said, the Gold price rallied heavily the previous day after the US Federal Reserve (Fed) drowned the US Dollar with its dovish hike of 0.25%, which was widely expected and priced in. The major attention, however, was given to the Fed statement suggesting the receding inflation pressure and Chairman Jerome Powell’s hints of rate cuts during late 2023 if inflation drops faster. Additionally favoring the XAU/USD bulls were downbeat US data and hopes of more stimulus from China, not to forget upbeat equities and softer US Treasury bond yields.

Moving on, monetary policy meetings of the European Central Bank (ECB) and the Bank of England (BoE) could indirectly affect the Gold price via the US dollar and the market sentiment. Though, Friday’s US jobs report for January will be crucial for a clear guide.

Also read: Gold Price Forecast: XAU/USD bulls cheer Federal Reserve action ahead of United States Nonfarm Payrolls