Yesterday marked the start of Trump’s new administration. However, since no tariffs on imports were implemented, the U.S. dollar weakened across the board. The day was also Martin Luther King Jr.’s birthday, so the New York market was closed, including the bond market.
If the markets had been open, U.S. interest rates might have dropped, leading to a likely increase in gold buying. However, since there was no market confusion, risk-on movements limited the rise in gold prices.
As a result, gold has continued to trade within a narrow range due to a cautious market sentiment.
In today’s New York market, if the stock market opens with turbulence, risk-off sentiment could strengthen gold buying. This might lead to a break above the triple top at 2723, which is worth keeping an eye on.
Gold-Dollar Forecast Range: 2712–2670
Note: The above content does not guarantee profits. Please make your own decisions when trading.