Gold Working The Range
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There is not much to say about the metals as both gold and silver, like equities, are doing a whole bunch of nothing. From a trader’s standpoint, expectations are for the metals to continue to churn within a range until they break out one way or the other.
However, this week we hear from the Fed. On Wednesday, the Fed will announce a decision on interest rates. The Street has big expectations, which could also create a big move in the metals, depending what policymakers say or do.
It looks like the Street is not only expecting the Fed to keep its dovish stance, but it appears to be looking for a possible rate cut. The announcement could break gold and silver out or their recent ranges. However, we expect the consolidation pattern to continue no matter what they say or do.