Article by: ETO Markets

Prior to making new directional bets, traders may wish to wait for additional indications regarding the Fed's path toward rate cuts. As a result, all eyes will be on Wednesday when the US consumer price index for March are released. The FOMC meeting minutes will then be released. This will therefore have a significant impact on the dynamics of the short-term USD price and give the price of gold some real momentum.

The price of gold rises to $…, staying in unknown territory for about a month. The precious metal continues to rise even though momentum oscillators have reached severely overbought levels. For those who are bullish on gold prices, any corrective slide below SMA-20 on the 4-hour chart $…, is probably going to find some good support and be contained close to $...