Last week, gold prices rose as U.S. long-term interest rates fell after the U.S. CPI (Consumer Price Index) was lower than expected. Gold reached $2,724, which is almost the same high level it hit on November 25 and December 12 last year. However, it could not break through this resistance level and was pushed back, forming what is likely a “triple top” pattern.
This week, the new Trump administration will begin. If they impose tariffs as planned, U.S. long-term interest rates may rise. This would be a negative factor for gold, and $2,725 is expected to act as a ceiling, marking the triple top level for now.
However, because the Federal Open Market Committee (FOMC) meeting is coming up next week, there is a “blackout period” where big movements in the market are less likely. As a result, gold’s price may not fall too much either.
Gold-Dollar Forecast Range for This Week: $2,725–$2,670
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