Yesterday, as dollar buying continued, gold remained heavy and struggled to rise. When the European market opened and dollar buying intensified, gold dropped to around 2536. However, in the New York market, some buying activity was seen, pushing gold back up to around 2580. But later, when Federal Reserve Chairman Powell made hawkish comments like ‘there’s no urgent need for a rate cut,’ the dollar rose again. Gold was pushed back down to around 2563 before the market closed.
Due to the dollar-buying trend sparked by ‘Trump trade’ and Powell’s hawkish statements, gold selling hasn’t stopped. However, since today is the weekend, there may be some buybacks depending on results like retail sales, which will be released during New York hours.
Gold-Dollar Predicted Range: 2540 – 2590
Please note that the information above does not guarantee profits. Make trading decisions at your own discretion.