Trading within narrow ranges for the price of gold since the beginning of this week is normal.

However, traders will be looking for clues about the start of monetary easing, as hotter-than-expected US inflation readings have reduced bets on a rate cut in June. Meanwhile, the Bank of Japan ended its negative interest rate policy and abandoned yield curve control, while the Reserve Bank of Australia kept interest rates steady but dropped its previous guidance on further hikes. On the other hand, according to data from the Economic Calendar, eurozone wage growth slowed sharply in the fourth quarter of 2023, and German investor sentiment beat expectations in March, giving the European Central Bank more room to start cutting interest rates sooner. Will the gold price go down in the coming days?The gold price has risen by $95.19 per ounce, or 4.62%, since the start of 2024, according to trading on the Contract for Difference (CFD) that tracks the benchmark market for this commodity. Furthermore, gold is expected to trade at $2067.94 per ounce by the end of this quarter, according to global macroeconomic models and analyst expectations. Looking ahead, we expect it to trade at $2134.44 per ounce in 12 months.On the global stock markets front, major US stock indices on Wall Street ended higher on Tuesday as investors awaited the Federal Open Market Committee’s (FOMC) monetary policy decision. Policymakers are widely expected to keep interest rates at current levels, and attention will turn to the “dot plot” for clues about the frequency and timing of potential cuts in the coming months. According to stock trading platforms, the S&P 500 index rose 0.5%, the Nasdaq index rose 0.3%, and the Dow Jones index jumped 321 points, supported by a 1.3% gain in Apple shares. Nvidia shares rebounded, rising 1% after announcing plans for its new flagship AI processor. Also, the company’s CEO highlighted the potential of the data center market, which he believes could exceed $250 billion.Meanwhile, Etsy shares gained 1.1% after an earlier rise of 7%, while GM shares rose 1.07%. However, Meta and Tesla shares fell 0.1% and 1.4% respectively, and Alphabet shares fell after the previous day’s gains. Among chipmakers, AMD shares fell 4.8% and Intel shares fell 1.5%, close to their lowest level in six weeks. Gold Price Forecast and Analysis Today:Trading within narrow ranges for the price of gold since the beginning of this week is normal, as we have noted. From today onwards, the gold market may find catalysts to move strongly in one direction or the other. Selling pressure may gain momentum if the tone of today’s Federal Reserve policy statement appears more hawkish, thereby supporting further gains in the US dollar, which would be negative for gold. If this happens, there may be opportunities for movement towards support levels at $2138 and $2110 respectively. On the other hand, there may be an opportunity for bulls to push the price of gold to break above the $2200 resistance per ounce if the Federal Reserve signals abandoning its tightening path and hints at nearing the start of US interest rate cuts.More By This Author:Gold Analysis: Uptrend Despite Strong USDUSD/JPY Analysis: Wait For US Data ResultsGBP/USD Analysis: Pound Tests Resistance