By FXEmpire.com
Gold markets did very little during the session on Tuesday as the risk appetite of traders around the world is almost nil at this moment in time. During the end of the trading session in New York, there was a Wall Street Journal article that came out that suggested that perhaps the Federal Reserve may be closer to the action as far as trying to stimulate growth. If this were the case, it should put a serious bid underneath the gold markets going forward.
However, it does seem a bit of an overreaction to the story that we saw in the stock markets, as the gold markets simply didn’t move. It looks as if we are in the middle of massive consolidation, and as such we just simply are trading this market at the moment. The ranges are getting smaller and smaller, and this is probably indicative of the fact that we are in the height of the vacation season.
We need to break out of the recent consolidation rectangle between the $1640 level, and the $1540 level to even begin to think about taking action in this market.
Click here a current Gold Chart.
Originally posted here
