Gold: All Dressed Up And Nowhere To Go
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Gold continues to sit in this consolidation range with false starts up and down. For almost a month, gold gas been trading is less than a 2% range and appears to be all dressed up with nowhere to go.
This pattern will break out in one direction or the other. Next week there are three main events that could move the metals. On Tuesday, President Trump meets with North Korea, Wednesday the Fed announces its decision on interest rates, and Thursday the ECB makes an announcement.
Any one of these events can move gold out of this range. Most likely it will be the Fed or ECB. Because the Fed and ECB have a direct interest rates and monetary policy, they should have the biggest effect. Until then, gold is all dressed up with no place to go.