Gold Meanders In A Tight Range
(Kitco News)- Gold continues to wobble around in a tight range, with supportaround the $1,322 level and resistance overhead at $1,328. The tariff scare hasbeen watered down considerably with the Trump administration grantingexemptions to a number of countries. Traders are eyeing any response from China, where President Trump continues to focus on thelarge trade deficit between the U.S. and the world's second-largest economy. Gold is likely to remainrange-bound until we get closer to the FOMC meeting next week. As long as the 10-year U.S. bond yield remains south of 2.9%, we would expect gold to remain bid, and unless we get a surprise news bite, the upside remains limited until themarket can digest the Fed's path next week.
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