The strong consolidation can be seen in gold prices since last few weeks amid mixed global cues. On lower side, the gold tested $1932 levels against the strong USD after U.S FOMC hinted for two more rate hikes in the year 2023 in order to tame down the rising inflationary pressure; although leaving interest rate at 5.00% to 5.25% range in its recent meeting. However, on positive side, the latest ECB’s move of raising interest rate by 25 bps leading to 4.00% from 3.75% as expected & BoJ’s stance over keeping monetary policy steady led the selling bias in US Dollar & cushioned the precious metals; which made the Gold to test $1975 levels on higher side. Besides this, the improving Chinese economic growth & turning of U.S debt ceiling crisis into a law/bill averting the debt repayment till January 2025 may turn optimistic for gold prices on medium to long run basis. Next week, the focus will be on SNB & BoE’s meets. Technically, the gold is consistently trading sideways & forming a tight range of $1980-$1930 which makes the trend indecisive on short term basis. The commodity is firmly taking a support of MA (100) & cluster lows; indicating a make-or-break situation in near term. Also, the ADX line is trading below the key level 25 which signifies the mixed trend. However, if sustained the key level of $1945 & crosses $1975 levels; then a strong buying bias may be established with the next possible target of $2005 & $2028 on medium to long term basis.