Gold price still maintains a good uptrend

It is a pleasure to meet you all again for a discussion on the current situation of gold. Currently, the price of gold has slightly declined in the morning and is trading around $1915 due to market anticipation for the speech by the Chairman of the Federal Reserve (Fed) today, which will provide important information on monetary policies in the near future.

In particular, positive news about initial unemployment claims in the US released last night - this morning has supported a sharp increase in USD on international markets. On the other hand, gold was sold off and profit-taking occurred after just one session of gains.

Despite the strong rise of USD, gold prices are still adjusting within a narrow range without much concern.

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Wish you a smooth trading and big win

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Technical analyst Wang Tao said spot gold is likely to continue to rise and fluctuate in the range of $1,915 to $1,934 an ounce.

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Philadelphia Fed President Patrick Harker said the Fed needs to keep rates tight for a while.

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At the end of the trading week, the gold market continues to stay below the 1,950 USD/ounce mark