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The Fed's inflation-fighting credibility takes another knock, real yields are falling and the dollar is softening. Gold should be flying, yet buyers remain reluctant. What's going on?

Over the last few trading sessions, gold has managed to stage a modest recovery. The precious metal has gained more than 1.7% across the last two sessions, a move that has introduced some buying momentum after several weeks of sustained pressure on prices. For now, this rebound appears to be driven largely by the cautious atmosphere dominating markets ahead of the Federal Reserve's monetary policy decision.

With tech stocks getting hit harder last week there was collateral damage elsewhere, including gold as the metal closed below the $4k level for the week and that’s the first time that’s happened to spot gold in more than a year.

Gold bears have broken the monthly range, with a daily close below key support threatening another sharp decline toward the yearly lows.

Gold and silver have been going nowhere fast, but their narrowing ranges may offer trading opportunities. We look at the macro drivers, developing chart patterns and levels to watch.

As the trading week continues to unfold, the lack of direction dominating gold price action remains a relevant theme in the short term. In fact, the average move over the last three trading sessions has resulted in a decline of barely 1.0%, highlighting that neither buyers nor sellers have been able to take control in a consistent manner.

The trading week is coming to an end, and a sense of neutrality remains evident around gold's short-term price action. Over the last five trading sessions, the metal has posted a move of barely -0.3%, a situation that continues to highlight a growing phase of indecision and reflects a clear lack of direction across the market.

Gold is consolidating after a steep selloff, with momentum divergence raising the stakes for the next move ahead of the Fed decision.

Gold has bounced from a major inflection zone, but bulls still need follow-through as next week’s CPI report puts the recovery to the test.

Gold is attempting to break out after a brutal selloff, just as the US dollar and Treasury futures show signs of turning. Historical extremes, shifting momentum and key technical levels suggest a potentially important moment for gold traders.

As the trading week continues to unfold, gold is once again facing difficulties in regaining momentum in the short term. This can be seen in the performance of the last three trading sessions, where the metal has declined by approximately 0.9%, resuming a bearish dynamic that has once again become evident in recent market activity.

Gold is testing a major inflection zone as stretched downside momentum raises the risk for a reaction into key support.