Yesterday, gold went up for the first time in five trading days. President Trump said that Mr. Cook, a member of the Federal Reserve Board, should resign immediately because of a suspected problem with mortgage contracts. This was seen as new pressure on the Federal Reserve, and the U.S. dollar was sold. As a result, gold went up. Since gold had been falling for four days, this became a reason for people to buy back gold.
However, the market is still waiting for Federal Reserve Chairman Powell’s speech at the Jackson Hole meeting this weekend. Investors hope he will make comments that support lower interest rates. Because of this, position adjustments are expected to continue today.
Expected Gold/Dollar Range: 3,330 – 3,355 USD
Note: This information does not guarantee profit. Please make your own decision when trading.