We have seen a continued sideways movement on gold over the last week with the price coming back to the 1700 mark over and over.
What is odd however is the economic data coming out of the US and the impact on the price of gold. Last week we had ADP Employment going from -27K to -20236K and on Friday had the popular NFP reading from -701K to -20500K with the glimmer of hope being the average hourly earning rate increasing. However, and please note that I am not an economist (and I also believe that economists have no idea what is going on!), this just does not make sense that gold is not stronger.
The NFP yesterday (Fri) we saw the price of gold weaken. Either there is some major manipulation going on or I am clearly missing something. Yesterday gold dropped against both USD and EUR, so it is not USD specific.
Am patiently waiting for trade signals to appear and you can see we are in the middle of the wedge on the daily chart. Still there is going to be a future break of this wedge either to to the upside or downside.