Gold Is Caught in a Tight Range

Gold has been caught in a very frustrating tight range for more than two weeks now, ever since it reached the support at $1,334 and since then it has bounced off that level several times, the last being today, after it formed an inverted hammer candlestick and a spinning top candlestick above that support on the daily time-frame. Next target is likely $1,357 again, and a breakout above that level could lead to a further move to the upside towards $1,367. Either way, tight range or no, the long-term target for Gold remains the previous high formed back in March 2014 at $1,392 so for now I have not closed my long position.