Gold has been stuck in a sideways range for three months as buyers and sellers battle for dominance. Will chair Powell’s speech later today give one side the upper hand?
EUR/USD IG Client Sentiment: Our data shows traders are now net-short EUR/USD for the first time since Jun 13, 2024 when EUR/USD traded near 1.07.2024-07-01 18:00:00Gold has traded within a defined range over the past three months with neither buyers nor sellers able to gain the upper hand. Volatility has dropped to a multi-week low, while one technical indicator shows the precious metal neither overbought nor oversold.
The US jobs data and chair Powell’s appearance at Sintra will be the main driver of any price action in gold this week. The precious metal is testing both the 20- and 50-day simple moving averages and a break below would bring range support into focus.
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