Gold market analysis

"Gold Prices Forming a Flat-Top Ascending Triangle" 5/3/2026 10:42 Completed

Yesterday, gold prices were in a sideways pattern. The spot gold price dropped to $5,115.94 at the beginning of the European trading session, then rose repeatedly. Although it broke through $5,200 at the start of the New York trading session, it failed to sustain the momentum after reaching $5,205.91 and plunged to $5,165.55 before rebounding. However, it was unable to challenge the $5,200 mark and stopped at $5,196.37, then showed a downward trend. It hit a low of $5,109.19 towards the end of the New York trading session before rebounding again. Today, in the early Asian trading session, it rose to $5,186.52 before fluctuating. It is currently seen to have strong support around $5,170. 

Yesterday, the gold price's low in New York City was very close to the 135-degree angle of Gann Square at $5,110, so it is expected that the gold price's fluctuation range will start to narrow upwards, and $5,110 will become an important short-term support level. From the hourly chart, the gold price is gradually forming a narrowing triangle. The daily high of $5,205.91 in New York City yesterday was very close to the median of the fluctuation range since March 2nd at $5,206.5. The gold price was again blocked at this level, reflecting that the bulls lack the confidence to break through this level. 

However, investors should still be aware that the gold price may gradually evolve into a flat-topped ascending triangle on the hourly chart, with $5,206.5 being the top resistance. If the gold price continues to challenge this resistance, it is expected to eventually break through it. In this case, the gold price is likely to challenge the strong resistance at $5,260, which is the 180-degree angle. If it breaks through and holds this level, it is likely to further challenge $5,410. The situation in the Middle East remains unstable, and the US Department of Labor will also release the February non-farm payroll report tomorrow. It is expected to add 58,000 jobs, far fewer than the 130,000 in January, with the unemployment rate remaining at 4.3%. This will provide upward momentum for the gold price. If the gold price briefly breaks through $5,210 in the short term, it may be a prelude to a genuine breakthrough. 

The above content is for reference only and does not constitute investment advice.