Analyst: A period of consolidation or small retracement in the gold price is a healthy outcome.

KCM Trade's Chief Market Analyst Tim Waterer stated that the temptation for traders to lock in profits, as well as some resilience in the US dollar, is putting pressure on gold prices. "Bullish prospects still exist; however, a period of consolidation or a minor pullback can be seen as a healthy outcome, which will support gold prices in their ambitious pursuit of higher price targets in the future. The risk facing gold prices this week is that the Federal Reserve may not clearly indicate when they will further cut interest rates."