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