Gold prices had been going up because many people expected the U.S. central bank to cut interest rates soon. However, at the start of this week, selling came first, and the price dropped to around 3350. Later, the U.S. ISM non-manufacturing index was announced and it was lower than expected. Because of that, the U.S. dollar became weaker, and gold started to go up again.
But if we look at the daily chart, the gold price is not going up as strongly as before. This shows that the effect of the interest rate cut expectations is starting to fade.
Until the new U.S. tariffs begin on the 7th, there is no big news, and the current market mood (called “risk-on”) might push gold prices down.
Expected gold-dollar price range: 3,345 – 3,400 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.