Gold prices ranging after US government lockdown

Gold prices fluctuated this week, reaching a high of $4,031 and a low of $3,928 per ounce. Due to the lack of economic news on Friday, November 7, caused by the government shutdown in the U.S., price movements were erratic and directionless, failing to break above Monday’s high.

In the chart I’ve added this week’s range. Also, keep in mind the two-week low of $3,886 per ounce. If the price is likely to continue higher, this low should hold next week. A move below that level would suggest a potential correction toward the mid-$3,700s.

For the uptrend to remain intact, gold should stay above $3,900. If it doesn’t, we could see a move down toward $3,860 or possibly lower. Given the current economic uncertainty and limited data releases due to the shutdown, it’s likely that gold prices will continue to trade sideways until new market catalysts emerge.