Gold market analysis

"Gold Price Expected to Test $4,660 Intraday" 31/3/2026 10:33 Finalized 

International oil and gold prices witnessed a dramatic reversal in the early Asian market today. After reaching a high of $106.82, New York crude oil dropped rapidly to a low of $100.88. Similarly, Brent crude oil, which had peaked at $109.99, plunged sharply to a low of $104.76. Gold prices continued their recent inverse relationship with oil prices, surging as oil prices plummeted. From the hourly chart, gold prices bottomed out at $4,482.88 this morning and closed at $4,547.61 after a bullish engulfing pattern, and then rose further, reaching a high of $4,619.14. 

The oil and gold prices suddenly reversed, mainly due to Trump's remarks. According to The Wall Street Journal, citing US government officials, Trump told his staff that even if the Strait of Hormuz remained largely closed, he was still willing to end the US military operation against Iran. However, this message was conveyed through a third party, which might be an attempt to test whether Iran would reach an agreement with the US as a result, or it could be another false message to lull the Iranian military into a false sense of security before launching a large-scale attack. Besides, Trump had pointed out not long ago that the US had sufficient crude oil, and it was Japan, South Korea, China and Europe that needed to import crude oil through the Strait of Hormuz. The blockade of the strait by Iran had no impact on the US. So why should the US alone maintain the waterway? Let's see how the situation between the US and Iran develops! 

This morning, the spot gold price rose to the 38.2% retracement level of its biggest decline since March 2nd (3603.7), but was again blocked. It then gradually fell back to the $4,580 level. From the hourly chart, it can be seen that the gold price has broken through the narrowing triangle, and the adjustments last night and this morning have also held above the extension line of the ascending track of the triangle. Therefore, it is expected that the gold price has a high chance of breaking through $4,600 within the day and challenging the strong resistance at $4,660, which is at the level angle of the Gann Square. If the situation develops favorably, it may even further challenge the $4,810 level at the 45-degree angle. 

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