Gold has taken off, faster than most people imagine. Gold has officially entered the 700 era, and foreign gold has once again stabilized at $3000. Are the friends who got off the car before doing well?

On Monday, the high position of gold was repeatedly stretched, giving the bears unlimited imagination. However, the illusion was quickly shattered. The support of $2980 was very strong, and relying on the support of $2980-85 gave the bulls several opportunities to get on board, ultimately reaching the final destination of $3015!

Why is gold rising so fast? Doesn't it say that the Russia-Ukraine conflict negotiations need a temporary truce for 30 days? Isn't it said that geopolitical risks need to be eliminated? Why does gold continue to rise? In fact, I have already mentioned the answer in the weekly review. Geopolitical risk is only one of the bullish factors that affect or drive the rise of gold, not a decisive factor.

This week, the focus is not on Monday, this is just the appetizer. Thursday at 2am is the real hard dish. The Fed's February interest rate decision will be officially announced. Will Powell relax this time? Will interest rate cuts be restarted? Both PPI and CPI data in February showed unexpected declines. From the performance of the data, the Federal Reserve will at least loosen its grip this time and consider future interest rate cuts, which will be a significant positive for gold.

The fundamental reason for the rise of gold is the combination of risk factors such as interest rate cuts, increasing geopolitical risks, US Treasury crisis, and the decline of the US dollar. As long as the low point of $2980 retraced last Friday does not break, then continue to be long in gold. I emphasized yesterday that I do not accept any rebuttal. Many people were worried about the repeated washout of the European market yesterday. In fact, as long as we focus on key positions, there is no need to worry excessively. Worries will only increase psychological burden if the problem is not solved!

Alright, let's talk about today's market situation

On Monday morning, gold fell from $2992 to $2882 in the morning session, and then rebounded to $2985 in the European session. Afterwards, it reached $3000 in the US session, stuck at the integer level. Yesterday's mnemonic was: Asian session rises, European session continues, and the pullback in the US session is a lure to short positions. When you see a low, you see more. This was perfectly demonstrated by last night's market trend.

In addition, this morning gold reached the finish line of $3015, and the Chinese yuan gold also stood at the 700 level. After the strong rise in the morning, the focus should be on the continuation of the European market. If this wave of strength can continue, there is still room for the US market to rise, while the retracement needs to pay attention to the position of the high point before the top and bottom conversion to $3004-3008.

As shown in the picture, the 1-hour gold price increased slightly in the morning and rose to $3015, while the support point for retracement was the top bottom conversion of $3004-08. This morning, there was no sudden rise in the morning session, it was just a slow acceleration. Only in the afternoon can we hold onto the starting point position in the morning, and there is still room for improvement after consolidation. Many gold prices in the range of 2980-85 yesterday left at $3015 this morning, but there is no need for physical gold to run back and forth. I still say the same thing: be a friend of time!

Today, the area of gold retracement between 3004-08 US dollars continues to increase, and those who have positions can also move up to stop loss. After repeated market washouts, the overall market will rise upwards. Don't be afraid of rising too much, the price will always move towards the direction with the least resistance! Follow above for $3020-3025-3032!