Gold's Uncertainty Persists Amidst Fed's Monetary Policy Announcement

The price of gold is uncertain due to the Federal Reserve's recent monetary policy announcement. Investors are unsure about future interest rates. Gold is trading within Thursday's range and is constrained by the strong US economy, hinting at possible rate hikes. It's rebounded to nearly $1,925 amid global economic concerns, as central banks may maintain higher rates.

Despite the strong US Dollar and Treasury yields, gold attempts a recovery, possibly due to critical levels being reached. Investors focus on economic data for future policy meetings. The service sector PMI shows a slight slowing, and US manufacturing PMI remains in contraction, but gold's reaction is limited.

Gold remains resilient in its supportive levels while other assets face selloffs. The market considers the likelihood of a recession, making gold a potential hedge, but this can't be confirmed without economic data.

The downward pressure on gold is still present, and the price does not appear to have established a clear trend in the short term. The resistance level at 1947, and the support level at 1912 are key levels that the price needs to breach in order to determine its direction definitively.