• Gold Price seesaws around weekly top, braces for the third consecutive weekly gains.
• Overall mixed sentiment joins China’s efforts to nurture economic optimism to propel XAU/USD price.
• Risk catalysts will be the key to track amid a light calendar, cautious mood ahead of Fed monetary policy meeting.
• Gold Price run-up past $1,970 confluence appears bumpier than the south-run.

Gold Price (XAU/USD) steadies after refreshing the highest levels in two months as it braces for the third consecutive weekly gain ahead of the key central bank announcements from the US, Europe and Japan. Apart from the pre-announcement anxiety, a light calendar and mixed catalysts, as well as the market’s consolidation of the recent moves, also prod the XAU/USD traders.

That said, upbeat US employment clues joined disappointment from the US energy and technology shares to propel US Treasury bond yields, as well as the US Dollar, the previous day. Adding to this, pessimism surrounding China’s economic growth also challenged the Gold buyers on Thursday. However, a slew of measures to defend the world’s second-largest economy by the policymakers joined the US Dollar’s positioning for the next week’s Fed meeting to trigger a corrective bounce in the XAU/USD price while snapping a two-day losing streak.

It’s worth noting that apart from the US employment clues, the majority of the US statistics haven’t been impressive to support the Fed in announcing more rate hikes past July in the next week, which in turn pushed back the market bears and keep the Gold buyers hopeful. However, it all depends upon how well the US central bank can defend the hawkish bias and the US Dollar.