China's Central Bank Extends Gold Buying Streak to 19 Months

The People's Bank of China added to its gold reserves in May, extending its uninterrupted buying streak to 19 months. This move came despite recent pressure on gold prices. The bank continues its purchases as part of a reserve diversification strategy. Experts note that geopolitical risks and global uncertainties continue to support central bank demand for gold. China's step indicates that other central banks may also sustain their gold purchases. Gold is traditionally seen as a safe-haven asset, and central banks are turning to gold to diversify their reserves. China's move plays a significant role in global gold demand. This is not investment advice.

📊 GLD — Piyasa Yorumu

▲ up · 65%

The news indicates continued institutional demand for gold as the People's Bank of China (PBOC) maintains its gold purchases. However, technical indicators point to overbought conditions, with the RSI at 24 and the MACD in negative territory. The latest close at a high of 4328 shows the price well above the SMA20 and SMA50, suggesting potential for a short-term correction. While the news is positive, the weak technical picture suggests any upside may be limited.

RSI 14

24.2

MACD

-3.83

24h Δ

-2.98%

📊 GOLD — Piyasa Yorumu

▲ up · 60%

The People's Bank of China's extension of its gold purchases to 19 months indicates sustained strong institutional demand for the precious metal. While this news provides a positive fundamental backdrop for gold prices, technical indicators point to near-term weakness. The RSI stands at 42.6, below the neutral zone, while the MACD remains below its signal line and in negative territory. The price is trading below both the 20-day and 50-day moving averages. Therefore, the positive impact of the news may be limited by technical resistance levels, and a sustained rally would require the price to break above the $40 level.

RSI 14

42.6

MACD

-0.26

24h Δ

-2.00%

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