Gold is causing the bulls some grief this week as it is just not quite ready to move higher. A brief flurry after the results of the election in Italy quickly eased off and the metal is sitting in a range.
Expectations of an interest rate rise in the United States is providing a damper on any price rise.
Recent economic numbers from the United States indicate that the US economy is doing well, Gold had risen on the expectation that a Trump Presidency would bring volatility to the market and that has not happened. Instead, the markets have risen sharply since the US Election and the price of Gold has drifted lower.
At present the price of GOLD is hovering at close to a ten month low while markets and bond yields are moving higher.
Monetary restrictions in India have contributed to a decline in demand for Gold from the jewellery industry.
There are some signs of a future price rise on the technical charts.
First, a Bullish Fibonacci Pattern on the Weekly chart
On this chart , Daily, there is some bullish Divergence showing;
However, the Gold price at this time is stagnant and until investors start to move money into Gold it will not be moving far.
I have located an excellent article that I am copying into here in its entirety. This is a very detailed research into the management of Gold and well worth reading a few times.