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 remains stuck in a narrow range, we are upgrading gold to neutral in the short-term. Gold is neither overbought nor oversold today and continues to trade within normal conditions. This is based on various technical indicators on the daily chart.
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.