In the European market, when the euro went up against the dollar (meaning the dollar was being sold), gold prices also went up. Gold broke above the previous day’s high of 3250, which caused many people who had set stop-loss orders to buy back, pushing the price up to 3304. It closed at a high price.
Although the effect of the Moody’s downgrade has become weaker, President Trump is pushing for a large tax cut bill. If that bill passes, the U.S. budget situation may get worse, which could lead to another credit rating downgrade. As more people move away from the dollar, gold continues to stay strong.
Gold-Dollar Expected Price Range: 3250 – 3320 USD
Note: The above is not a guarantee of profit. Please make your own decisions when trading.