At the beginning of this week, gold prices remained stable. However, during the New York session, U.S. long-term interest rates increased, and gold started to fall. The price stopped rising just before 2730, forming a “double top” pattern. This means it has become difficult for gold to go higher.
For gold to drop further, we need to watch if it clearly breaks below the “neckline” at 2630 to 2610. If the price does not go below this level, gold may try to rise again toward 2730.
Until we know the results of this week’s FOMC meeting (Federal Reserve meeting), gold is likely to trade within a narrow range.
Gold-Dollar Expected Range: 2670 – 2630
Note: The above content does not guarantee profits. Please make your own decisions when trading.