Ella 
Gold prices are holding steady below weekly highs and appear poised for further gains.
Bets that the Federal Reserve is done raising interest rates have weighed on the dollar and provided some support for gold prices.
Market risk appetite could prevent bulls from setting up new bets and prevent gold prices from rising.
During the Asian session on Wednesday, gold prices struggled to extend the weekly gains recorded over the past two days and fluctuated within a narrow range. The U.S. dollar (USD) was higher and recouped some of the previous day’s losses from falling to its lowest level since September 1. In addition, the generally positive stock market has also become another factor that hinders the safe haven of precious metals.
Nonetheless, expectations that the Federal Reserve will complete its interest rate hikes have prevented the dollar from rising sharply and continue to provide support for the price of gold, a zero-yielding asset. This therefore suggests that the path of least resistance for gold prices is to the upside and supports the prospect of an extension of the recent rebound from the 200-day simple moving average (SMA), which is around $1,930, the lowest level since October 18 hit on Monday.
