Gold consolidates within recent uptrend
Gold has been consolidating after Wednesday’s post Federal Open Market Committee (FOMC) rally, with the price trading around the 61.8% retracement region.
For now we have not seen anything to tell us that this recent uptrend is over and as such, further gains seem likely, with the 76.4% retracement at $1274 looking like an achievable target. A break back below $1244 would point towards a resumption of the weakness seen back in June. However, until then this consolidation looks like a precursor to further upside.