Yesterday, the European Central Bank (ECB) decided to cut interest rates by 0.25%. This made gold more attractive because gold does not pay interest. As a result, gold prices went up.
Gold broke above the previous high from January 24 and reached a new record. However, later in the New York session, U.S. President Trump said he would apply a 25% tariff on Mexico and Canada starting February 1. This news made the U.S. dollar stronger, which limited gold’s rise.
Even though these events affected the market, they were already expected. The overall trend for gold remains upward.
Gold Price Range Forecast: 2800 – 2778 (38.2%)
Note: The above is not a guarantee of profit. Make your own decisions when trading.