This week, the gold market once recovered and recovered the $1300/oz mark, but the upside was blocked and fell below the 1300 level again.
AnalystAndrew Hecht believes that gold will continue to fluctuate as it stays at last week's low.
After approaching the $1,350/oz level in mid-February, the gold market suffered a blow and tested the 1280 support level last Monday.
Hecht pointed out that last year's gold touched the level of $1,360 per ounce, and the February high reached a double-top shape.
In addition, the price of gold is not far from the high level reached after the Brexit in 2016, and this level, $1,377 per ounce is an important level of resistance.
From the daily chart, the price of gold fell by nearly 5% from the February high, and the 1280 level touched last week is the current bottom level.
In recent trading days, gold has started to rise after entering the oversold area. The number of open positions in the gold futures market has increased from the previous 480,000 hands to 519,000 hands.
From the weekly chart, last week's low of 1280 was maintained, meaning that the January level of $1,276 per ounce would not be dangerous for the time being, and this shows the state of gold volatility since mid-August last year.
(Article source: Gold headline)