At the beginning of the week, the price of gold rose to a high of $3,451 because of ongoing concerns about a possible war between Israel and Iran. However, after that, the market calmed down, and some traders started to sell their positions to adjust, causing the price to fall.
During New York trading hours, news came out that Iran was showing a willingness to negotiate in order to stop fighting with Israel. This made the selling stronger, and the price dropped to around $3,383.
Even though this news reduced some worries, there are still reports that Israel continues attacking Iran. Because of this, risk remains in the market.
While it seems difficult for gold to rise much higher for now, important events like the Bank of Japan meeting, the U.S. Federal Reserve meeting, and the G7 meeting, along with the ongoing risk in the Middle East, will likely support the price of gold.
Expected Gold/USD Price Range: 3,370 – 3,420
Note: The above information does not guarantee any profits. Please make your own decisions when trading.