Gold prices went up after the U.S. ADP employment report for February was weaker than expected. However, when the ISM Non-Manufacturing Index came out stronger than expected, the U.S. dollar strengthened, and gold prices fell again. In the end, gold could not break above the previous day’s high and was pushed back down.
There is still market uncertainty due to U.S. tariffs under the Trump administration and the Ukraine issue. Because of this, investors continue to buy gold as a safe asset.
However, since the U.S. jobs report will be released tomorrow, some traders may sell to adjust their positions. This could cause a temporary drop in gold prices, so be careful.
Expected Gold-Dollar Price Range: 2940 – 2890
Note: The above information does not guarantee profits. Please make your own decisions when trading.