President Trump said he will put a 50% tax (tariff) on copper. Because of this news, the price of copper went up quickly. Gold prices also went up for the second day, following the same trend.
President Trump also said the Federal Bank’s interest rate is “at least 3 points too high,” which means he still wants interest rates to go down.
Yesterday, there was an auction of 30-year government bonds. After the auction, interest rates went down, which helped support the price of gold.
Today, there are no important economic news reports. Because investors feel more confident and are buying other things, gold’s price may not go much higher.
However, the trade talks have a deadline of August 1st, and people are unsure about the results. Because of this, gold’s price may stay strong.
Gold-Dollar Price Forecast: 3,310 – 3,350
Note: This information does not guarantee profits. Please make your own decisions when trading.