Gold Price Forecast – Gold Continues to Bounce Around in a Range

Daily Forex, this is Chris from Lewis taking a look at the gold market. The gold market has gapped higher to kick off the trading session here on Wednesday. Did initially shoot higher after the core PCE numbers in the United States came out cooler than anticipated. Everybody got way ahead of their skis here and started betting that the Federal Reserve was going to not be raising rates. We've seen a return to reality here as we have pulled back because we also have to worry about the jobs number on Friday. And of course, a lot of the inflation has nothing to do with PCE and has everything to do with energy. So, it's not a huge surprise that we've given back some of the gains. The market is trading between two major areas right now and therefore, I think you've got to look at it as a situation where traders are just trying to do everything they can to get a read on the next move. For what it's worth, we are testing the trend line that goes all the way back to the beginning of the year, possibly even back to spring of the previous year. But either way, we have these rising rates in America and that continues to be toxic for gold. I think we're just going to kill time, chop around over the next couple of days. There's a little bit of an upward slant to the market today, but it's not, I believe at least a trend change at this point. I think we are still very much trapped in this little bit of a range.