Recently, the rebound of the three major US stock indices has been quite strong.

As for gold, I previously mentioned that I believe gold may continue to decline to around $3100. Sure enough, gold began to rebound after falling to that price level.

I do not expect that if gold continues to rebound, it may encounter resistance near the 0.618 Fibonacci retracement level, which is about $3247 (as indicated by the arrow in the figure below).

The existence of gold is essentially to hedge against the volatility of the dollar and the credit crisis of the dollar. Therefore, when the secondary market or the dollar performs strongly, gold prices usually decline.

Additionally, favorable international policies may also lead to a decline in gold prices, as the demand for gold as a safe haven decreases when the international situation and financial trade wars are less tense. Conversely, when facing geopolitical tensions or unstable financial situations, gold prices usually rise, as both retail investors and central banks increase their purchases of gold.

In general, if financial markets and the secondary market perform well, gold prices tend to weaken in the long term; conversely, gold will strengthen. #贸易战缓和

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