From Acting Man:
This week will bring the types of news that are generally considered to be among the most important for gold – the FOMC statement, as well as the July payrolls report.
It should be pointed out here that it actually makes very little sense for the market to focus on these data points (even though it is clear that the focus exists and cannot be ignored)...
In any case, both gold itself as well as the gold stocks are consolidating ahead of these data releases, which are presumably going to serve as the 'trigger' for the next major move.
Once again, the data themselves are actually irrelevant. Whether or not the FOMC statement is considered 'dovish' or 'slightly less dovish' (we can rule out 'hawkish' a priori) and whether or not the payrolls report is held to be 'strong' or 'weak', it is the market's reaction to the data that will be important, not the data themselves.
In order to better show where things stand, we have taken a closer look at...
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