Gold prices continued to rise during the European trading session. However, they started to fall after the European Central Bank (ECB) meeting, where it was suggested that interest rate cuts might be coming to an end.
Later, news came out that U.S. President Trump and Chinese President Xi Jinping were going to have a phone call. This raised hopes that tensions between the U.S. and China might ease, which led to more selling of gold.
It seems that many traders adjusted their positions, making the market lighter. Today, the U.S. jobs report will be released, which is a key event.
Earlier reports showed mixed results: the JOLTS report was strong, but the ADP jobs report was weak. This makes it hard to predict the outcome. If the jobs report is very different from expectations, the market will likely react quickly. However, since it’s the end of the week, the market might end up going back to where it started.
Gold-Dollar Expected Range: 3335 – 3440 yen
Note: This information does not guarantee profits. Please make your own decisions when trading.