On March 8th, COMEX April gold futures rose 0.32% to $2165.20 per ounce, marking the fifth consecutive trading day of reaching a new closing high. Spot gold also hit a new high, reaching $2164.65 per ounce and closing at $2159.80 per ounce, marking the seventh consecutive day of gains. At the same time, gold prices in the domestic market are also showing strong trends. "In the future, under the current overheated trading, multiple technical indicators have overbought or deviated, and it is no longer appropriate for precious metals to chase higher in the short term. Such a surge in the market still needs to be verified and supported by heavyweight data and events in the week. We expect that the downward pressure on precious metals caused by long covering will increase in the future." Xia Yingying, a non-ferrous analyst at Nanhua Futures, told reporters.