Gold had been rising due to concerns about U.S.-China trade tensions. However, the gold price dropped after the U.S. April Job Openings and Labor Turnover Survey (JOLTS) report came out stronger than expected. This made investors buy the U.S. dollar and sell gold.
At the same time, there was news that President Trump would sign an order to place tariffs on steel and aluminum. This news helped support the gold price from falling too much.
There is a high chance that a meeting between U.S. and Chinese leaders will happen this week. If trade tensions between the two countries ease, gold prices may fall further. However, because President Trump often changes his statements, the situation remains uncertain.
With the U.S. employment report coming at the end of the week, investors are being cautious. Because of this, gold is expected to stay relatively stable.
Gold-Dollar Expected Range: 3,330 – 3,370 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.