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Gold Range Trades below $1300

The price of gold (XAU/USD), the yellow metal, has marked some precious down time, absent of any fodder of Federal Reserve interest rate speculation. The favored inflation indicator of the Fed, the PCE inflator came in squarely on target at 1.7 percent. The PCE is a gauge that measures core inflation.

It would appear that gold continues to bide time below the pivot at $1,300 per ounce while waiting on the ISM manufacturing survey, which is next, as well as the non-farm payroll report due out on Friday. This week, the Federal Open Market Committee (FOMC), which is the Fed’s monetary policy arm, will be meeting to set policy and rates. No change is expected this month in either. The FOMC announcement will be released later today.

Gold Technical Analysis

Let’s discuss today’s daily gold technical analysis. Price action has seeming found an interim floor near the four month low. There is near term technical resistance lining up at 1282.60. A daily close above this first upside barrier notes a congestion area running from the May 2 high. This congestion one runs from 1303.61 to 1308.30.

The alternative technical analysis for the yellow metal, notes the rising channel support at 1264.65. A break below this first downside barrier challenges the double bottom technical support that lines up at 1250.10.

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