Gold price flat-lines as traders keenly await Fed Chair Jerome Powell’s speech

• Gold price oscillates in a narrow range amid the uncertainty over the Fed’s rate-hike path.
• Declining US bond yields caps the recent USD recovery and lends support to the XAU/USD.
• Traders now await Fed Chair Jerome Powell’s speech before placing fresh directional bets.

Gold price (XAU/USD) struggles to capitalize on the overnight bounce from the $1,957-1,956 region or a two-week low, and oscillates in a narrow trading band during the Asian session on Wednesday. Traders now seem reluctant and are seeking  clarity on the Federal Reserve’s (Fed) rate-hike path before placing fresh directional bets.

A slew of Fed officials acknowledged the US economic resilience and suggested that the central bank may not be done raising interest rates. Hence, the focus will remain glued to Fed Chair Jerome Powell’s speech due later during the North American session. The speech will play a key role in influencing the non-yielding Gold price.