Gold (GOLD) has noticeably slowed down in activity this week, trading in a relatively narrow range with a slight upward bias. After a significant wave of selling pressure last week, bulls managed to organize a small rally following a false breakdown below the 2307 support level. The rally, however, appears quite symbolic, amounting to only $30 based on the current market price. Gold may have already transitioned into a consolidation phase ahead of the upcoming FOMC meeting scheduled for next Wednesday. The market's reaction to the new meeting remains unclear due to various rumors circulating. Nevertheless, buying within the context of the overall bullish trend remains a priority for gold. While a deeper correction towards 2265 and 2220 is possible, breaking below these levels could prove challenging. It is quite likely that we may not see gold dropping below 2000 this year, given the current uncertain times prompting investors to actively accumulate gold.
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