At the start of the week, gold opened with a gap down of more than 30 points and is currently trading around the 407x$/ounce level.
After nine consecutive weeks of gains, the gold market closed last week in the red, following a dramatic sell-off and sharp volatility.
Although this unexpected decline has cooled gold’s recent heat, experts believe the overall uptrend has not completely vanished, as gold still holds the key price level of $4,000 per ounce.
At present, what is influencing gold is not so much economic data, but rather the movement of capital flows between different asset classes.
Therefore, in the short term, gold is likely to experience unexpected volatility unrelated to any specific data or news, forming a wide-ranging sideways accumulation zone between $4,000–$4,200 per ounce before the market gathers enough momentum to determine gold’s next major trend.
Technical Analysis:
In the short term, gold is expected to move sideways and consolidate, waiting for a strong market catalyst to determine the short-term trend for the week.
Trí Hùng
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