Matrixport: Prefers to view this gold price retracement as a strategic opportunity rather than a trend reversal

CycleProphet · 2026-02-03T04:13:54+00:00

Matrixport analysis indicates that gold experienced a pullback after a rapid rise, falling back to near the 21-day moving average, which may provide short-term support. This adjustment was triggered by market reactions to the nomination of the new Federal Reserve Chair. Although the market initially viewed it as a tightening signal, gold demand remains supported due to the impact of expanding US government debt. Overall, this pullback is seen as a buying opportunity rather than a trend reversal, maintaining a bullish outlook on gold.

CycleProphet

2026-02-03 04:13:54

Abstract generation in progress

Deep Tide TechFlow News, February 3rd, Matrixport released a chart today stating, "Gold previously experienced a rapid upward move followed by a correction, falling back to near the 21-day moving average. In the short term, this moving average may provide some support. The trigger for this round of adjustment stems from market reactions to Kevin Warsh’s nomination as Federal Reserve Chair. Due to past hawkish monetary policy stances, the market initially interpreted this development as a tightening signal.

However, against the backdrop of ongoing expansion of US government debt, the demand for gold allocation is still likely to be supported. From a technical perspective, this pullback is more about digesting previous gains and releasing some profit-taking, potentially opening a new window for gold and silver positioning. The correction itself does not change our bullish outlook on gold. Since mid-2023 (when gold prices were still below $2,000 per ounce), we have maintained a bullish view on gold, and therefore, we see this pullback more as a buying opportunity rather than a trend reversal."

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