The Trump administration announced a 25% tariff on aluminum and steel for all countries. This raised concerns about worsening trade tensions, leading to increased gold buying. As a result, gold reached a new all-time high.
Additionally, many investors believe that people are moving away from the US dollar. This also encouraged more gold buying.
However, gold prices have risen sharply in one day. This means there could be some short-term selling to adjust prices.
Today, investors are also paying attention to Federal Reserve Chair Powell’s speech in Congress. In the last Federal Reserve meeting, he said, “There is no need to rush policy changes.”
If Powell makes similar comments today, gold prices may not change much. But if he speaks in a way that suggests higher interest rates, there is a high chance that gold prices will temporarily drop.
Expected Gold Price Range: 2920 – 2882
Note: The above information does not guarantee any profits. Please make your own decisions before trading.