The gold market gave up its support on Friday. The price of the troy ounce lost more than 2.5% intraday to $1717. However, the rate was up $40 in early trading on Monday, nourishing hopes of a rebound after oversold conditions.
As in stocks, the short-term charts show methodical buying of gold on the decline, which brought the price back to the levels before massive stop-orders were triggered.
However, only a move above $1770 (Friday’s intraday highs) would signal that a recovery is underway: we have seen an increase in gold selling on the rise all through February. This trend could remain in force in March as well.
https://fxpro.news/daily-economic-events/correction-attracts-buyers-markets-turn-upward-20210301/
