Last Friday, after gold rose to the 426x level, it was immediately pushed down sharply to the 419x $/ounce area within just one hour.
The cause of this sudden move was likely due to speculators heavily betting on expectations that the Fed will continue to cut interest rates this week.
The immediate sell-off in gold also signals that investors want to keep prices within the 418x–426x range while waiting for the Fed meeting in the middle of this week to determine gold’s next trend.
Today, there are no economic data releases or speeches from officials, so gold will likely move sideways within a 20–30 range, as early-week trading activity is relatively active and capital from crypto is beginning to take profits and shift back into gold.
Trí Hùng
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