At the Federal Open Market Committee (FOMC) meeting, the U.S. showed a careful attitude toward lowering interest rates. Because of this, long-term U.S. interest rates went up. Yesterday, interest rates continued to rise. Later in New York, jobless claims and continuing claims were lower than expected, which pushed interest rates even higher. As gold does not pay interest, more selling happened. Gold stopped falling for now near 3630, which is a 38.2% retracement level. However, since gold recently hit a record high and it is now the weekend, there is a strong chance that gold will fall more.
The next support level is around 3610 (50% retracement).
Expected Gold-Dollar range: 3,610 – 3,670 USD
Note: This information does not guarantee profits. Please make your own trading decisions.