Gold Trading in a Narrow Range

Gold is trading in a $66 range, which is quite narrow as it represents around a 2.6% price range. This narrow range developed three weeks ago, with the higher side near its record high, around 2,533. The lower side of the range is at 2,467, which is the pullback from a previous breakout. The trend is clearly positive, and a breakout to the upside looks more probable than a retracement. The short-term direction of the shiny metal will depend on macroeconomic and monetary data, as well as geopolitics.