Gold Ping Pong
Today’s Spotlight Market
Gold futures remain in range-bound trading, as the price of the metal continues to be bounced around by a number of factors.? The current economic and political climate will likely do little to change things for the metal in the near-term.? The Greek situation is not likely to be resolved anytime soon and neither will the interest rate question in the US.? These factors alone will create indecisiveness among Gold traders.
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Fundamentals
The US Dollar Index has been somewhat range-bound over recent weeks, which has left the metals market without a compass of sorts.? Some of the focus on the aforementioned Greek debt crisis may alleviated, as there is optimism that a deal may be reached soon.? With the Greek situation under control, for the time being, the focus shifts back the FOMC and the rate decision.? The most recent policy statement from the Fed seems to be a bit more cryptic than prior releases, which makes interest rate timing question a bit more murky.? From a purely fundamental standpoint, traders may want to keep an eye on Asian demand.? Demand in the region has been unexpectedly strong and it will be interesting to see if this can continue.? Healthy physical demand could be the tipping point for higher prices, outweighing the offsetting factors.
Technical Notes? -? View Today’s Chart
Turning to the chart, we see the August Gold chart trading sideways over the past several months .? To this point, prices have managed to hold above support at the 1775 level.? The momentum and RSI indicators are giving neutral readings, giving no hint of a market direction.
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