At the beginning of the week in the Tokyo market, gold prices first went down. However, later they changed direction and started to rise. One reason was that long-term U.S. interest rates fell. Another big reason was that the Dallas Federal Reserve Manufacturing Index, which was announced during New York trading hours, showed a large drop. Because of this, the U.S. dollar was sold, and gold prices went up.
Gold, which had fallen at the end of last week, bounced back. However, when prices rose, many people sold gold to take profits, so the rise was limited.
Yesterday, U.S. Treasury Secretary Janet Yellen said, “We are committed to a strong dollar,” showing that the U.S. government wants to stop the dollar from becoming weaker.
Still, because of ongoing problems like the tough U.S.-China trade talks, the market remains uncertain. In this situation, gold continues to show strong support.
Gold/Dollar Expected Trading Range: 3,310 – 3,380
Note: This information does not guarantee profits. Please make your own decisions when trading.