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Gold Strongly Rebounds After Two-Day Plunge, Analysts Say Current Price Retreating to Reasonable Range
BlockBeats News, February 3rd. After experiencing two consecutive days of sharp decline, gold staged a strong rebound, with Tuesday poised to mark its largest single-day gain since 2008. Silver also rose in sync, with precious metals launching a counterattack after facing their most intense two-day sell-off in decades. Analysts believe that the current bull market in precious metals will continue, with new all-time highs expected later this year.
Capital.com's Senior Market Analyst, Kyle Rodda, stated: "Considering the rather irrational market performance in the previous weeks, the current price can be said to have returned to a relatively reasonable range.
The current price has basically returned to the levels seen in the first half of January." Previously, Trump's nomination of Wosh as the next Federal Reserve Chair triggered a sharp pullback in the precious metals market. Rodda said: "The market's reaction to Trump's nomination of Wosh was to see him as a relatively trustworthy candidate, hence the strengthening of the dollar, which to some extent was like bursting the massive bubble in precious metals that had formed earlier."
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