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Spot gold is on track to do something it has not done in more than a year by approaching its first weekly close below $4,000 since a major breakout, according to James Stanley.
James Stanley, senior strategist at DailyFX, also highlighted that the Federal Open Market Committee is meeting next week. Although a hike is not expected at that meeting, there is a 78% probability for one more rate hike by year-end.
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Stanley recently noted that gold has been consolidating, with sellers active near $4,200 and a break above $4,235 needed to prompt further action, according to an earlier analysis. He previously highlighted gold’s rebound from support, with attention on $4,200 and a possible move to $4,235 for the weekly close in a separate report. Both developments focused on key resistance and support levels in recent weeks.