Gold Steady at $4,650 Amid US PCE Data Anticipation

Gold prices have been steady around $4,650 as traders await the release of US PCE data. The Fed rate cues will be influenced by the inflation figures, and any surprise could impact the dollar's value.

Fading Fed hike bets and sliding US bond yields are weighing on the USD, supporting gold's price. Technical analysis suggests that the path of least resistance remains to the upside for XAU/USD.

The recent breakout through $4,500 was seen as a key trigger for bulls, but the move up struggles to find acceptance above the 50% retracement level. The Relative Strength Index (14) near 72 signals overbought conditions, hinting that upside momentum could be vulnerable to consolidation.