After the Federal Open Market Committee (FOMC) meeting the day before, the US dollar weakened, which made gold prices rise strongly. However, yesterday, the dollar rebounded, limiting gold’s upward movement. At the same time, tensions in the Middle East increased as Israel launched another attack, pushing gold prices higher again.
On the daily candlestick chart, a Doji candlestick appeared, which is a sign that the market might be reaching a peak. Around yesterday’s high of 3057, some traders may take profits and sell.
However, the strong buying momentum for gold is still continuing, so this could be a good chance to buy on dips.
Gold-Dollar Expected Range: 3070 – 3023
Note: This information does not guarantee profits. Make your own decisions before trading.