Lagos — Gold’s recent price action reflects a lack of momentum, with the metal oscillating in a tight range between $2,620 and $2,660 over the past eight days.
This sideways movement shows a broader indecisiveness among market participants, as neither buyers nor sellers appear motivated to push prices beyond this consolidation range.
The absence of a clear catalyst has left gold comfortable at its current levels, awaiting a spark to redefine its trajectory.
Broader economic data and today’s U.S. Non-Farm Payrolls release could potentially be a pivotal event to break the sideways movement.
A stronger-than-expected print might reignite the bearish narrative, as it reinforces the Fed’s high-interest rate outlook. Conversely, a weaker-than-expected figure could stimulate a bullish breakout.
Until then, gold appears content to remain range-bound, offering traders an opportunity to monitor for directional cues as a result of the macro environment effect.
*Ahmad Assiri Research Strategist at Pepperstone
