Gold price "coiling" suggests bigger move coming soon

Gold last traded at $1,957 an ounce. Silver at $27.24 an ounce.

NEWS SUMMARY: Precious metal prices traded mixed Tuesday on mild profit-taking and a firmer dollar. U.S. stocks rose on upbeat investor sentiment after tech stocks rebounded from a brutal sell-off last week.

Kitco---"Gains in the metals are occurring despite better risk appetite in the marketplace to start the trading week. Importantly, recent sideways and choppy price action in gold has produced a bullish coiling pattern on the daily bar chart, suggesting the market is storing up energy for a bigger price move coming soon...and odds favor that price move being on the upside....Major central bank meetings are in the spotlight this week. The Federal Reserve, Bank of England and Bank of Japan all have monetary policy meetings this week. The Fed's FOMC meeting will be closely scrutinized following its shift to an easing of its inflation constricts. The question remains how the FOMC puts its new policy into action....From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won't translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target."