Gold Price Pulls Back as $4,500 Support Level Comes Into Focus

The gold market has taken a slight step back in trading on Wednesday, as it continues to grapple with resistance at $4,700. With core PCE coming out as expected, traders were left without a major catalyst to drive prices higher. However, the Federal Reserve's upcoming speech by Governor Kevin Warsh at Jackson Hole on Friday may provide valuable insights into the central bank's next move.

The market has been showing signs of fatigue in recent times, and a pullback was expected given the stretched levels. The key support level to watch is $4,500, which had previously served as resistance. Market participants are likely to be interested in buying gold at this level, and if prices were to break above $4,800, it would signal a major breakout.