The continuation of the weekly trading range in gold
During the past week, the price of gold remained within the trading range of $1970 to $1938. This indicates that the market requires additional information in order to break out of this range. The upcoming release of inflation data and the Federal Reserve meeting next week will likely provide the market with the necessary clues.
Given the current circumstances, the likelihood of a breakout from this trading range is low today. It is reasonable to anticipate a further decline towards the central level of this range, specifically around $1955.
Given the current circumstances, the likelihood of a breakout from this trading range is low today. It is reasonable to anticipate a further decline towards the central level of this range, specifically around $1955.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.