Institutions: Gold traders are still waiting for a clear direction

On October 8, Jinshi Data reported that gold futures had a slight pullback but still traded within a narrow range, hovering around the historical high of $2,708.70 per ounce set on September 26. Chris Weston, research director at Pepperstone, said that gold traders seemed to be waiting for a clear direction before pushing gold prices out of the consolidation pattern since September. Weston said in the report that the daily candlestick consolidation of gold since late September has increased the possibility of explosive changes in price in either direction, and this strong trend should form a trading bias, which is worth chasing in the following trend.