Gold is having a powerful rally today, up nearly 100美元或3.33% at 3，081.26美元. The intraday high reached 3，087.78美元, marking a 105.62美元 gain at session highs—超越盘中最大涨幅（102.48美元） since January 2016.

Today’s move comes after a sharp pullback from last Thursday’s high at 3，167.74美元, which saw gold drop as much as 211美元 to Friday’s low of 2，956.66美元. Price action was relatively flat yesterday, closing near 2，982.16美元, before today's surge fueled by 贸易紧张局势升级中的避险需求.

技术角度：

On the daily chart, the recent decline which bottomed on Monday 发现买家接近50日移动平均线, which has served as a key support level. Notably:

• The last time gold traded below its 50-日均线 was back on 一月8, when the 50- and 100-day MAs were converging.

• The bounce from the low this week also held just above the 38.2%回撤位 of the rally from the December 18 low. That retracement level sits at 2，944.97美元, while Monday’s low came in at 2，956.66美元.

Since the December 18 low, gold has gained 22.56%, as capital continues to rotate into the metal on risk-off flows and macro uncertainty. Until the price was below the 50 day moving average and the 38.2% retracement level, the buyers are still in firm control.