XAUUSD-BUY LIMIT

Gold price (XAU/USD) touches over a one-week high on Wednesday, albeit struggles to build on the momentum and remains capped near the 50-day Simple Moving Average (SMA) through the early European session. Bulls turn cautious and prefer to wait for more cues about the Federal Reserve's (Fed) rate-cut path before placing fresh bets. Moreover, the markets have fully priced out the possibility of early rate cuts in the wake of a still resilient US economy, which remains supportive of elevated US Treasury bond yields and contributes to capping the non-yielding yellow metal.