Yesterday during Tokyo trading hours, President Trump said he would announce the next Federal Reserve chair earlier than expected. This caused the US dollar to fall because people thought there might be an interest rate cut soon and that politics was affecting the central bank’s decisions. These reasons made investors buy gold.
On the other hand, all three main stock indexes in the New York stock market went up. Because of this, some investors sold gold to take risks and buy stocks instead.
Also, as the situation in the Middle East became more stable, gold prices rose near their recent high. Many investors then sold gold to take profits, which stopped the price from going higher.
Gold and Dollar Forecast Range: 3,300 – 3,350
Note: This information does not guarantee profit. Please make your own decisions when trading.