Since November 6, the “Trump trade” has strengthened the U.S. dollar, which pushed gold prices lower. However, this trend started to reverse in the Tokyo market at the beginning of the week.
Gold started around 2565 and held firm even as U.S. long-term interest rates rose, and the dollar gained strength. In the New York market, short positions were further unwound, driving the price up to 2615. Since it closed near the high, the buying momentum is expected to continue. The next resistance level is around 2635, which aligns with the 38.2% Fibonacci retracement level.
However, as the effects of the strong dollar still linger, once this adjustment period ends, gold selling may resume.
Gold-Dollar Forecast Range: 2634 (38.2%) – 2575
※Note: The above content is not a guarantee of profit. Please make your own decisions when trading.