Last week, a U.S. trade court ordered to stop the tariffs introduced by President Trump. However, the issue will continue in court, possibly going to the Supreme Court. Also, at the end of last week, Trump said that “China broke its agreement with the U.S.” Because of this, there is a chance that the U.S.-China trade conflict will start again. This creates more uncertainty in the market, and this is likely to continue this week.
It seems that tariffs will continue for now. Even though the confusion may be temporary, things are always uncertain under the Trump administration. Because of that, the price of gold is not expected to fall much.
This week, important U.S. economic data will be released. This includes job reports and the ISM manufacturing and services data. Last week’s U.S. economic data — like GDP, new unemployment claims, and the PCE price index — were all weak.
If this week’s data is also weak (especially after the tariffs were announced), the U.S. dollar may fall. This could help gold prices go up.
Expected gold price range this week: 3210 – 3360
Note: This information does not guarantee profits. Please make your own decisions when trading.