So ultimately, this is a situation where I think if we do drop, there probably are going to be buyers willing to get involved. If we were to break down below the $2,500 level, then we’re talking about wiping out the 200 day EMA and dropping rather drastically. Gold is struggling at the moment, but I think what it’s trying to do is find some type of range in order to trade in.

The FOMC, of course, will have a major influence, but we also have the Bank of Japan and the Bank of England, both having interest rate decisions, which will have an effect as well, not as drastic as the Federal Reserve, but it is still part of the puzzle. I’m still bullish on gold in the longer term. But as we drift into the end of the year, and wait for central banks, I’m not expecting a lot right here, at least nothing sustainable, but a break above the $2720 level then opens up the possibility of the longer term uptrend continue.

For a look at all of today’s economic events, check out our economic calendar.