After Israel and Iran agreed to a ceasefire, the market mood changed from risk-off to risk-on. This caused people to sell gold. However, yesterday, Federal Reserve Chair Powell said that most members expect to lower interest rates by the end of the year. Also, President Trump continued to ask the Federal Reserve to lower rates. Because gold does not earn interest, lower interest rates make gold more attractive to buy.
There are also worries about the U.S. budget deficit and less trust in the U.S. dollar. These reasons make it a good idea to look for chances to buy gold when the price drops.
Gold/Dollar expected price range: 3,310 – 3,345
Note: The information above does not guarantee profits. Please make your own decisions when trading.