Gold buying continues without stopping.
Yesterday, during New York trading hours, the U.S. January ADP employment report and ISM non-manufacturing data were released. Both were lower than expected. Because of this, U.S. long-term interest rates dropped. At the same time, all three major U.S. stock indices went up, and the U.S. dollar weakened. This helped gold reach a new all-time high. Gold is now approaching the upper limit of its upward trend channel.
It is becoming clear that the Trump administration’s tariff policies are helping trade and business deals. As a result, concerns about extreme inflation are decreasing. Since U.S. interest rates have fallen, this has slowed down the strong buying of gold.
Recently, gold’s price has been rising even faster. However, with the U.S. employment report coming out tomorrow, there is a risk of a price correction. Be careful of possible selling.
Gold/Dollar Expected Range: 2,900 – 2,855
Note: The above content does not guarantee profits. Please make your own decisions before trading.