Last weekend’s U.S. employment data showed stronger-than-expected results, leading to a rise in long-term U.S. interest rates. As a result, gold prices initially dropped. However, later, the Dow Jones Industrial Average in New York saw a significant decline, triggering a “risk-off” sentiment. This caused gold prices to rise to around $2,698 and close near the high levels.
This week, key economic data like the U.S. CPI (inflation rate) and retail sales, which could influence the Federal Reserve’s policies, will be released. The market has already lowered expectations for interest rate cuts this year, and long-term U.S. interest rates are currently high. The focus will be on the U.S. stock market. If “risk-off” sentiment continues, gold prices may rise further.
However, the strong resistance level around $2,725, formed by last year’s double top, will be difficult to break. If gold manages to break above this level, it may aim for last year’s highest price of $2,790.
This Week’s Predicted Gold Price Range: $2,730–$2,650
Note: The above content does not guarantee profits. Please make your own decisions when trading.