Viewpoint: The 21-day moving average may provide short-term support for gold.

PANews reported on February 3 that Matrixport released a chart today indicating that gold has pulled back to near the 21-day moving average after a rapid rise, and this moving average may provide support in the short term. This pullback was mainly influenced by market speculation regarding Kevin Warsh's potential nomination as Federal Reserve Chairman, whose hawkish stance was interpreted as a tightening signal.

Nevertheless, Matrixport believes that the demand for gold remains supported against the backdrop of continued expansion of US debt. This pullback mainly digests gains and releases profit-taking, potentially providing a new window for positioning in gold and silver, but it does not change its long-term bullish outlook on gold. Since gold prices fell below $2,000/ounce in 2023, Matrixport has consistently been bullish on gold and views this pullback as a buying opportunity.