Last week, U.S. long-term interest rates went down after news about Federal Reserve Board (FRB) Governor Cook possibly being removed. Worries about political pressure on the FRB also made people buy gold, and the price reached 3451, the top of the range, before closing.
The buying trend is still strong. Depending on the U.S. job report this week, gold may rise again to 3500, which was this year’s highest price on April 22.
Also, the war between Ukraine and Russia is becoming more intense, and this higher risk is another reason people are buying gold.
This week’s forecast for gold/dollar: 3,390 – 3,500 USD
Note: This information does not guarantee profit. Please make your own trading decisions.