The gold price is stable just above $1,460. From a technical point of view, we are clearly in a phase of very low volatility for bullion (as well as for many currencies like the EUR/USD) as it has been languishing in a tight 3% range between $1,445 and $1,480 for the last month. A breakout from one of these two levels could give some directionality to bullion but we remain in a wait and see scenario in the interim.
It is clear that investors are waiting for a fresh market driver. The FOMC’s meeting does not seem to be one of them with any news coming from the trade war likely to be much more relevant.
