Gold prices are currently moving in a tight range as traders await a fresh fundamental spark to ignite the precious metal's next big move.

Looking ahead to this week, trader’s attention has now shifted to the European Central Banks monetary policy meeting, scheduled for Thursday.

As one of the “Big 4” central banks, this event is expected to be a major market mover – especially as the ECB is expected to implement significant changes to its monetary policy strategy and forward guidance.

Earlier this month, the ECB raised its inflation target to 2% and also stated that the central bank would accept “a transitory period in which inflation will run moderately above target.” These changes are likely to be incorporated into the bank’s forward guidance.

The meeting should shed more light on whether the ECB’s new strategy is just window-dressing or an actual shift towards a more dovish monetary policy stance to achieve what the ECB hasn't achieved for a decade – which is getting inflation back under control.

The EBC meeting takes place one week ahead of the Federal Reserve's July monetary policy meeting, which is also likely to be dominated by the narrative of surging inflation.

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

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