Why did gold soar and plummet?
Updated
Gold rose rapidly in the short term, rising by more than 20 points and approaching 2200 points again. This rise was mainly driven by key economic factors such as the recent decline in US dollar and Treasury bond yields, which gave gold prices strong support and a sharp rise. The gold market has been going strong recently. After setting a new record high of 2220 last week, there was an inverted V-reversal trend of rising and falling, with the lowest falling to around 2160 for support. Subsequently, affected by the situation between Russia and Ukraine this week, gold received a large amount of buying support and ushered in a rebound based on the support area near 2165.
The gold daily line fell back after hitting the high point, and began to bottom out again near 2160. Now for 4 hours, the giant sun is in a continuous upward trend. As long as it does not stabilize at 2190 tonight, there is still a risk of falling back. The 4-hour Bollinger Bands are in a shrinking state. As long as it does not break the 2200 mark, on the whole, it is recommended that gold’s short-term operation today is mainly based on callback buying, supplemented by rebound selling. The top short-term focus is on the 2195-2200 first-line resistance. The short-term focus below will be on the 2170-2165 first-line support.
Note
As U.S. economic data is released one after another, investors' expectations for the Federal Reserve's future monetary policy may change, which will have an impact on gold prices. At the same time, investors also need to pay close attention to the geopolitical situation and the monetary policy trends of global central banks to assess their potential impact on the gold market.Trade active
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