At the start of the Tokyo market this week, the dollar rose, leading to initial selling of gold. Gold dropped to 2,621, which is almost the same level as last week’s low.
Later, as cross-yen currencies weakened and risk-averse movements increased, gold rebounded to 2,652.
However, due to the renewed attacks between Israel and Hezbollah, even after last week’s ceasefire agreement, risk-averse sentiment remains strong. This is likely to limit how much gold prices can fall.
This week, due to reduced market liquidity following Thanksgiving, the market is more likely to move in one direction. This could lead to larger-than-usual price swings, so caution is advised.
Gold-Dollar Predicted Range: 2,663–2,630
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