Gold prices fell after the U.S. Consumer Confidence Index, released during New York trading hours yesterday, was lower than expected. This led to profit-taking sell orders. Since gold prices had been rising, concerns about high prices increased, causing a sudden drop. However, after the decline, some buyers returned to the market.
At the end of this week, the U.S. PCE Deflator report will be released. Because of this, some traders sold gold before the announcement. More profit-taking sell orders may appear, and prices could go lower before the report is released.
Gold/USD Expected Range: 2930 – 2880
Note: The information above does not guarantee any profit. Please make your own decisions when trading.