A big move is waiting for GOLD or not?
Fed Monetary policy and India Union Budget will major drive for the Yellow metals next week..
Yellow metals retreated sharply from a nine-month high on yesterday and settled down by more than half percent. Gold prices saw selling pressure  after U.S. GDP grew more than expected in the fourth quarter, but the reading still triggered a recovery in risk appetite, and helped the dollar recover from a near eight-month low against a basket of currencies.
By the Commerce Department, Q4 gross domestic product expanded by an annualized 2.9%, down from the year-on-year expansion of 3.2% in the third quarter, but still higher than Wall Street economists’ forecasts for a 2.6% growth.
Comex Gold stop steadied at $1,928.80 an ounce, while gold futures inched lower to $1,930.00 an ounce by 21:02 ET (02:02 GMT), down .65%.
MCX GOLD Future settled neutral at 56962, down 0.01% on Wednesday
Now global recession jitters and any new signals on monetary policy from the Fed will give clutter for GOLD prices in near future. The central bank is widely expected to hike interest rates by 25 basis points when it meets next week.
From the domestic front, Indian Union Budget will come out on 1 February 2023, and any Import duty decision will expect to drag huge volatility in GOLD prices.
Technical – Cluster of indecisive candle stick is indicating for a big move in GOLD prices.
On the daily chart, GOLD future turn negative from the high 57021 and trading at 56738 down 0.39%. Since 15 December 2022, GOLD future trading in a rising channel line which having a crucial support at 56090 and having massive resistance 57220, either side break will decide near term trend for GOLD.
Today, a 56550 will act as an immediate support a break below GOLD future could test next support 56120. Else, any rise towards 56880-56950 could attract near future selling activities with strict stop loss above 57220. (Maintain strict stop loss)
Alternatively, a break above 57220 will open the door for next resistance 57420-57650.