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2026-08-03 The gold price is expected to experience short-term fluctuations and an upward trend.
Gold prices show short-term tendency toward volatile gains
March 8, 2026, 11:04 AM
The situation between the U.S. and Iran remains deadlocked, with both sides issuing conflicting statements. Iran insists that the Strait of Hormuz will not return to its pre-war state, while Trump claims there is already an agreement regarding the strait. The large-scale attack on Iran originally planned for last night has been canceled at the request of Saudi Arabia, the UAE, Qatar, and Iran. He further believes that an agreement on denuclearization will also be reached.
Gold prices have entered a sideways consolidation phase. Since falling below $4,120 on July 23, spot gold has remained within a range of $3,995 to $4,120. Although this morning's price surged higher following Trump's renewed "TACO" move, the market reaction differed significantly from previous instances. After briefly reaching $4,083.77, gold quickly reversed and dipped as low as $4,047.56 before stabilizing. On the hourly chart, there are signs that gold is holding above the 20-period SMA (currently around $4,054). On the five-minute chart, a cluster has formed above the 20-period SMA ($4,055), suggesting potential for an upward breakout.
However, the short-term resistance remains at $4,120; only a breakout and sustained hold above $4,110 would open the door for further advancement toward $4,210. Currently, the daily chart of spot gold still shows a narrowing triangle pattern. If today's price can break above $4,143 (without needing to close), it could signal an upward breakout, with a projected target around $4,356 based on the TD line measurement. On the intraday level, the 20-period SMA on the hourly chart serves as the primary support. Should the price fall below $4,043, it would be advisable to cut losses or set stop-loss orders accordingly. The short-term strategy should focus mainly on buying on pullbacks, with expectations of continued sideways-to-upward movement in the near term.
The above content is for reference only and does not constitute investment advice.
