Hello dear traders! Do you think XAUUSD should be bought or sold?
Yesterday, after reaching 2,945 USD/ounce, the gold price in the trading session last night was sold by some investors, taking profits. The gold price at times plunged by tens of USD/ounce.
However, immediately after that, money suddenly flowed strongly into the gold market. The reason is said to be that US stocks were sold off when investors were worried that the Donald Trump administration might introduce a series of new policies, including the application of a series of tariffs since taking office a month ago.
Since then, financial investors have raised concerns about a slowing economy and rising inflation, causing them to shift capital into gold as a safe haven.
Therefore, when gold fell to 2,915 USD/ounce, purchasing power increased sharply. Gold prices rebounded and escaped the downtrend, closing the weekend at a positive level at $2,936/ounce.