Gold is due for a fall

Gold is due to retest 2914 late this week. Macro drivers have subsided. As of yet, there have been no tangible effects of the Trump tariffs or government reductions in the real economy. As for the dollar, while it is still strong, volatility is down. Markets are settling in to wait and see the effects of the Trump presidency. For this week, given the relatively light macro docket this, gold bulls are going to be less aggressive, while bears will see an opportunity to push prices lower. Also gold has been in a range for the last two weeks and sits in the upper part of that range. And the average range of Gold has been falling for the last five sessions. Price will retest the lower part of this range down to 2914.