Last week, gold prices dropped from around 2750 to 2640 as the U.S. dollar strengthened after Donald Trump was elected president. Later, there was some buying in anticipation of the Federal Open Market Committee (FOMC) meeting, but prices fell again by the end of the week, showing a weak upward trend. With the “Trump Rally” still affecting markets, this week’s U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) reports could push the dollar higher again. If that happens, gold might retest last week’s low near 2640. If prices go below this level, gold could aim for the 2600 level, which was the low on October 10.
However, long-term upward trends in gold may continue due to ongoing geopolitical risks in Ukraine and the Middle East, along with concerns about an unstable Chinese economy.
This Week’s Gold and Dollar Price Range Forecast: 2740–2650
Note: This is not a guarantee of profit. Please make your trading decisions carefully.