Last weekend, Israel attacked Iran, causing the geopolitical risk to increase. This made gold’s price go up as a safe asset. However, gold’s rise was limited because investors also bought US dollars and US interest rates went up.
This week, the geopolitical risk may continue, and there is a chance it may become more serious. So gold is expected to stay strong.
This week, the FOMC meeting is in focus. The US economic data last week was weak, which makes it more likely that the Fed may cut interest rates. This would be a positive factor for gold, which does not pay interest.
While the risk situation continues, gold may try to reach its highest price of this year, which was $3,500 on May 7th.
This week’s gold–dollar range forecast: $3,370 ～ $3,500
Note: This information does not guarantee profits. Please make your own decisions when trading.