On the other hand, gold is stuck in a tight range of $1,197 – $1,204. Investors do need a solid reason to violate this trading range. What can it be? Did you see FX Leaders Sep 4 – Economic Event Outlook?
We spoke about ISM manufacturing PMI which is coming out during the New York session. So let’s wait for it. A bearish breakout can lead gold towards $1,190. Whereas, the violation of $1,204 can lead it towards $1,209 and $1,212. Good luck!