Fed Next Focus For Gold
Mondaynight the summit between the United States and North Korea took place and byall accounts was a success for a first meeting. In his press conference,President Trump was glowing with enthusiasm looking forward to a continuationof the historic talks.
Goldtook the summit in ho-hum fashion and has stayed in consolidation, barelymoving overnight, very consistent with the way it has been trading for the lastmonth. Gold has been in a hurry to go nowhere as it waits for a reason to breakout one way or the other.
Gold should break out of its range this week. There is no telling what the event ornews that will break gold up or down, but it should break out one way or theother. Wednesday the Fed makes its announcement on interest rates and Thursdaythe ECB does the same.
Webelieve the move will be up and that the bottoms are in. The lows made in goldat $1,281 appear to be the support level and our first target is $1,330. Thereare no guarantees when making a trade, but all signs lead to a rally in gold.
Contributing tokitco.com
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