Gold reached a new record high before the Federal Open Market Committee (FOMC) meeting. Yesterday, during New York trading hours, the manufacturing index was much worse than expected. Because of this, people now expect a large interest rate cut of 0.5% at tomorrow’s FOMC meeting. Also, yesterday, President Trump said, ‘It is too late. We must cut rates now, and by more than expected.’
With this, gold reached a record high of 3,685.
The upward trend is still strong, but because gold hit a record high, we think there may be profit-taking (selling) near the high level before tomorrow’s FOMC meeting.
Gold–Dollar expected range: 3,660 – 3,685 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.