On Tuesday and Wednesday, gold rose quite impulsively, closely approaching the 6-year high, which was updated at the end of June. As a result, the local maximum was adjusted to $1437.5. The correction tested $1423, broke through it, and local support was found at $1414. With a high degree of probability, the structure of the movement will change to flat in the range of $1405-1423, if the market does not receive significant new information.
Donald Trump is indirectly involved in the growth of quotations both on Tuesday and Wednesday. On Tuesday, he intensified trade tensions with China, warning that absolutely any trade agreement should provide the U.S. benefits. And on Wednesday, gold prices rose after the president wrote tweeted that he intended to nominate his former economic adviser during the 2016 presidential campaign, Judy Shelton. Last month, Shelton said that if her candidacy was approved, in two years she would lower the interest rate to zero. This is fully consistent with the policy of Trump, who has long called for the Fed to do so.