The bulls for gold are not able to make any progress and if any, they've failed to maintain bullish momentum.
Since the consolidation started at the beginning of June, gains have been swallowed constantly and highs are getting lower.
The breakout of the rising channel failed to continue and the price eventually fell all the way back to the bottom of the channel with little support towards the end of last week.
It seems that buyers are reluctant to add more position ahead of the Fed's meeting, weighing the odds of early tapering.
However, we will focus on buying since the price is still sitting well above the equilibrium level of 1858.
This week, we will be looking for buying opportunities at the opening of the market, followed by the equilibrium level at 1858.
We want to keep in mind that the global economy is currently facing a high risk of fast-rising inflation and that always work well for gold.
Since the consolidation started at the beginning of June, gains have been swallowed constantly and highs are getting lower.
The breakout of the rising channel failed to continue and the price eventually fell all the way back to the bottom of the channel with little support towards the end of last week.
It seems that buyers are reluctant to add more position ahead of the Fed's meeting, weighing the odds of early tapering.
However, we will focus on buying since the price is still sitting well above the equilibrium level of 1858.
This week, we will be looking for buying opportunities at the opening of the market, followed by the equilibrium level at 1858.
We want to keep in mind that the global economy is currently facing a high risk of fast-rising inflation and that always work well for gold.
