Gold continues to consolidate

6 Nov 2023

Gold continues to consolidate and trade within a relatively narrow band just below the $2,000 level. In mid-October, $1,950 gave way as resistance and since then there’s been no serious retest of this area as support. For most of the time since, gold has traded between $1,970 and $1,990 with the occasional spike above $2,000. But every attempt at a more significant breakout has met with selling pressure. Perhaps we’ll see some kind of resolution this week. Maybe Fed Chair Jerome Powell could be the catalyst when he speaks on Wednesday? The only problem is trying to work out in which direction a resolution could take gold prices.