Last week, gold prices dropped after a long time. This happened because the U.S. Federal Reserve (FOMC) gave a passive statement, meaning they were not planning to raise interest rates aggressively. Also, in the daily candlestick chart, a “Doji” pattern appeared, which often signals a possible peak. Because of this, selling may continue for some time.
Last week, major central banks, including the U.S. Federal Reserve (FRB), the Bank of Japan (BOJ), the Bank of England (BOE), and the Swiss National Bank (SNB), held important meetings. Since these events passed without big surprises, market volatility has decreased.
This week, gold prices may fall further as Russia and Ukraine discuss a temporary ceasefire. However, this ceasefire is not a final solution, and geopolitical risks remain high. Because of this, gold will likely continue to be a safe-haven asset, attracting investors.
The 61.8% retracement level around 2950 is also the high point from February, where gold started to fall. This level is expected to be strong support. If prices stop falling here, it may be a good opportunity to buy.
Expected Gold Price Range This Week: 3070 – 2950
Note: This information does not guarantee profits. Please make your own trading decisions.