Surge in Gold and Bitcoin Prices Follows U.S. Treasury's Surprise Bond Buyback Announcement

The U.S. Treasury's surprise announcement to double its long-term bond buybacks from $2 billion to at least $4 billion per operation sent shockwaves through global markets, causing a surge in gold and Bitcoin prices.

Gold jumped sharply, with buying from longer-term investors worried about the future value of the U.S. dollar pushing prices higher. The upper Bollinger Band is now acting as short-term resistance for gold, which could lead to selling if prices start to weaken.

Bitcoin also broke out of its recent range and rose around 20%, with President Donald Trump's call for faster progress on crypto legislation adding to the buying interest in alternative assets like Bitcoin. However, the outlook has improved, and Bitcoin looks overbought in the short term, which could lead to a pullback towards $67,500, $70,000.