The situation has not changed significantly since last month. The rates continue in the frames of a weak uptrend. This week the Gold received support thanks to the weak unemployment report in the United States. Investors began doubting whether there will be a further tightening in monetary policy and an increase of the rate in the near future. The probability of a rate hike in September is estimated at only 15%.
On the daily chart we can see a lowering of volatility this year. There are no signs of a trend change, although it has some basis: the political risks in the U.S. have decreased. The tense situation around President Trump and his administration is gradually stabilizing; investigations against Trump with the perspective of impeachment are unlikely to be conducted. Thus, the U.S. dollar is not under pressure as it was before and in the near future it's free to strengthen. The USD value is now depending on the economic situation in the United States and the inflation level. Given the forecasts and the current situation in the US economy, it is unlikely that the dollar will be able to gain significantly in price.
During the past three days the gold continued to grow. In the short-term perspective Gold can gain in value, within the current range of 1240 to 1290 dollars. Therefore, the most optimal course of action would be the deals on the trend in the short term.
