Why hasn't gold been able to break through new highs? Qi Fei takes everyone to review this week's trends

This week, the gold price has been hovering around 4300, eventually closing at 4338 USD/ounce, a slight increase of 0.15%!

During the week, the price fluctuated between 4271 and 4374. Although it briefly reached the stage high of 4374 on Friday, to truly break new highs, we need to wait for the technical aspects and market sentiment to further recover.

At the beginning of the week, supported by the Fed's interest rate cut expectations and global central bank gold purchases, the gold price first touched the high near 4340. The easing of the Russia-Ukraine situation temporarily brought it back down, but it didn't disrupt the overall upward trend.

From Tuesday to Thursday, profit-taking and overbought technicals needed to be corrected, causing the gold price to pull back to 4271. Fortunately, the support below was effective, which also happened to be a low point in this wave of consolidation.

On Thursday, the market reinterpreted the Fed's interest rate cut path, and the gold price surged to 4374, looking very close to a new high. However, it was still pushed down by profit-taking, and only returned to around 4338 for consolidation on Friday.

In fact, the whole week was a state of consolidation. In the long run, the Fed's interest rate cuts and central bank gold purchases remain supportive, but short-term geopolitical negatives and technical corrections have prevented a direct breakthrough. The gold price is still above the middle band of the Bollinger Bands, with a strong technical outlook, but to truly reach new highs, we need to wait for these factors to further digest and repair. #美国非农数据超预期 #BinanceABCs