A Look at Gold Price

Gold continues to behave constructively on a technical basis. Gold bounced off support at $1,292 last week but continues to churn in a tight range.

We would expect the Fed to remain neutral to dovish at this week’s FOMC meeting, which should contain if not weaken any upward impulse in the dollar index.

For traders who have stayed with our long trade at $1,282.50, we suggest raising the stop to $1,297 on a close basis, but look for a break of $1,312 on a close basis for a retest of the $1,322 area.

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