Gold Consolidates

Gold is now trading at $1,224, it appears that it will close the week with little to no change. Gold opened trading around $1,228 on Monday and went as low as $1,218 on Tuesday morning. Market participants seems to be holding onto the safe haven asset without any expectations to turn a quick profit.

The stagnation in price is due to no attention to the market this week as we are light on events and happenings that can cause volatility and assets to change hands.

Next week, however, the schedule is tight with news releases coming out of Japan, the European union, the United Kingdom and the US. Traders and investors are expecting prices to go on their usual swing during such market movers and Gold will not be on the sideline.

Chart: XAU/USD H4