Gold Prices Drop Below $1800 On Powell’s Renomination – What’s Next?

Gold prices made an explosive start to November, rallying to a five-month high as global inflation soared at its fastest pace in decades. However that trend shifted and prices pulled back on Tuesday as trader’s booked profits on the renomination of Fed Chair Jerome Powell.

Once again, these big market moves have presented traders with a series of incredible opportunities to profit from the rally as well as the huge price reversal that has subsequently followed!

Looking ahead to this week, traders have now shifted their attention to the closely watched U.S Inflation figures, FOMC Meeting Minutes and U.S Third Quarter GDP data for clues on the markets next move.

Right now, Gold prices are consolidating below the key $1800 level, which ultimately indicates a big move is on the horizon. The only question now, is which way.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.