On the higher timeframe, the Gold range is clearly visible. The upper resistance level is a significant long-term weekly price top.
As long as the Gold price trades within the range, the sentiment is neutral.
A look at the weekly news calendar shows a negative outlook with 90% of all scheduled economic releases significantly worse than previous data.
News source: Forexfactory
A look at the intraday Gold chart shows the two range boundaries and how the price keeps bouncing back and forth. Currently, the price is in the middle of the range. Traders are better off waiting for the price to reach the outer levels to reduce noise.
Will economic data be a catalyst for a breakout or will the uncertainty weigh so heavily on the price that Gold stays range-bound?