Gold has remained largely range bound over the past 4 trading sessions but it seems as the today there is momentum gaining to the upside and the formation of a reverse head and shoulders as we can see in on the chart is definitely a bullish sign.

They key for this pattern for this pattern to continue will be the Speech due out in around an hour by US Federal Reserve President Jeremy Powell where he will lay out the state of the economy and the Feds plans going forward.

Powell only took over the top job at the Fed recently so chances are he may take a soft tone and not talk up the economy too much for fear of spooking investors about future interest rates.

This maybe just what gold needs to once again trade back into the familiar trading range of between $1,360 and $1,365.