Yesterday the gold price formed a high of 2048.58 and a low of 2029.06, compared to the previous day the gold price formed a lower high and a higher high.
After the rising price touched the upper band, in this zone there was resistance and gold fell again to the 2036 price level.
On the daily timeframe, narrowing Bollinger bands may indicate weakening market volatility.
Several factors influence the price of gold, such as the USD exchange rate, often gold rises when the USD weakens, and conversely when the USD strengthens, the price of gold decreases.
Another factor is demand, the countries that import the most gold are China, India, and the US.
The amount of gold reserves at the central bank can also influence the price of gold, the higher the gold reserves, the higher the gold price.