Gold prices continued to fall from the beginning of the week in Tokyo to the New York market, following last week’s trend. One reason is that people who lost money in the stock market are selling gold, which has profits, to cover those losses.
Also, there was news that President Trump might stop tariffs for 90 days on all countries except China. Because of this news, U.S. long-term interest rates went up. Since gold does not give interest, higher interest rates make people want to sell gold. Even though this news was later denied, long-term interest rates are still high.
The market is watching to see if President Trump will make some kind of deal. For now, gold prices may not rise much.
However, gold dropped close to the 61.8% Fibonacci retracement level around $2960, which might be the bottom for now.
Gold/USD expected price range: $3040 – $2960
Note: This information is not a guarantee of profit. Make your own decisions when trading.