Gold market analysis

"Gold Price at $5,000 Becomes a Strong Support Again" 17/3/2026 10:48 Finalized 

Yesterday, the gold price continued to be pressured at the $5,000 mark. The spot gold price attempted to break through $5,000 in the early Asian session, the early European afternoon session, and at the close of the London market. However, the low of $4,968.09 made in the Asian session was the lowest for the day, indicating that selling pressure gradually weakened in the European and New York sessions. After the gold price re-entered above $5,000 in the mid-New York session, it has not closed below that level on the hourly chart until the early Asian session today. The movement from yesterday to today has shown a sideways consolidation pattern, leading me to believe that it is a consolidation at the low level, preparing for the Federal Reserve's interest rate decision. 

From the daily chart, the 50SMA (currently around 4967) remains a significant support level. The gold price is still holding above this line, but if it were to break below it quickly and close below it for two consecutive days without a strong rebound from the bulls, it would suggest a further decline in the gold price. Currently, the gold price is in a narrowing triangle, indicating that the forces of the bulls and bears are getting closer to a decisive battle. A breakout in either direction will destroy the opposing side and attract more new participants. The extended resistance of the daily chart's downtrend line is approximately 5330 US dollars, and the measured target for an upward breakout is around 5485 US dollars, while the measured target for a downward breakout is approximately 4457 US dollars. 

From the Gann Square perspective, yesterday's low was close to the 90-degree angle at $4,960, which also confirmed that the gold price has strong support at this level. As the gold price has now re-stabilized above $5,000, this level will be regarded as an important support for the day. The expected resistance levels for the day's rise are $5,071.44 and $5,103.36, while the first major resistance at the 135-degree angle is $5,110. If it breaks through this level, it will turn from resistance to support, and the gold price is expected to further challenge the resistance at the 180-degree angle of $5,260. 

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