Gold continues to move sideways, and remains directionless. Gold has now been stuck in a range between $1,270 and $1,280 for the last 11 trading sessions. Looking at technicals on a daily chart, gold is neither oversold nor overbought and continues to trade within a normal range. We have upgraded our short-term and medium-term outlook on gold to neutral. As the dollar remains strong on tax reform hopes and accelerating inflation, the outlook for gold remains mixed.
After its most recent top above $1,300, gold is now below $1,279.
As gold continues to trade sideways, we are upgrading the precious metal to neutral in the medium-term. While gold was looking overbought earlier in October, the precious metal is now trading within normal conditions. This is based on technical indicators on a weekly chart.