Gold, which rose to around $3,000 in the Asian market at the beginning of the week, faced selling pressure as investors took profits. However, buying interest remained strong, and in the European and U.S. markets, buying picked up again.
When the March NY Federal Reserve Manufacturing Index and February retail sales were announced with weaker-than-expected results, the U.S. dollar fell. Gold saw renewed buying interest and ended the day back above the $3000 level.
Today, President Trump and President Putin are scheduled to have a phone call regarding a temporary ceasefire in Ukraine. However, President Putin’s conditions are difficult, and if the ceasefire agreement fails, the increase in geopolitical risks could lead to even more buying of gold.
Gold/USD Expected Range: 3006 (BB upper limit) to 2975
Note: The above information does not guarantee profits. Make your own decisions when trading.