Yesterday in New York time, the U.S. June Producer Price Index (PPI) was announced. The results were a little lower than expected. Because of this, people thought the Federal Reserve might not lower interest rates soon. Gold, which does not give interest, was sold and its price went down.
Right after that, there was news that President Trump might remove Federal Reserve Chairman Powell from his position soon. This news made people feel worried, and they started buying gold again, so the price of gold went up.
However, Trump later said that the news was not true. This made people feel safe again, and the gold price went down a little.
Still, people in the market are unsure and worry that Powell might really be removed in the future. So, the gold price is likely to stay strong for now.
Expected gold price range: 3,320 – 3,370 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.