This week, gold was expected to fall after rising from Chairman Powell’s comments at the Jackson Hole meeting last week, but the drop was short. Yesterday, buying became stronger.
Early in the morning, President Trump announced a dismissal letter for Federal Reserve Board (FRB) Governor Cook. Because of this political pressure, people worried about the independence of the central bank, and gold prices went up. When gold broke the high of 3378 made after Powell’s comments, it went up further to around 3390.
Later, Governor Cook refused to resign, and prices pulled back a little. Still, the market’s worry remains. However, reactions to this type of news usually do not last long, so the rise in gold may be near its limit.
Gold-Dollar expected range: 3,370 – 3,410 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.