#GOLD could be one to watch this week as the price action suggests the price could break out of it’s recent range.

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Gold To Breakout

The price of Gold is one to watch this week as we will see added volatility in the markets due to the amount of data to be released. Seasonally the price of Gold typically rallies this time of year as the USD index falls however that may not be the case this year. The news out of the Federal Reserve this week will likely be the catalyst for the price to breakout on Gold. If the Fed announces an increase in the speed in which they taper as well as hiking rates more than twice we could see the USD strengthen. 

Looking at the weekly chart the price has formed a low ranging candle. This often leads to an impulsive phase in the market. If this occurs and the market breaks the high of the low ranging candle we could see a rally back to $1840.00. On the 4hr time frame this will look like a higher high pattern in which we can look for long opportunities on a retest. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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