3.18 Gold Commentary: 5000 Level Under Repeated Contention, Consolidation Awaits Direction

Gold has recently seen intense long-short competition, with repeated tug-of-war centered around the 5000 level. Following yesterday's Asia session opening low, prices rose with volatility; the European session continued the rebound momentum, reaching a high near 5044; overnight, the market dropped sharply, touching a low near 4973 where it stabilized, then rebounded from the bottom and returned to oscillate near 5000.

Currently, the market has halted declines and stabilized, with short-side momentum contained and long-side counterattacks from lower levels. Overall, it has entered a phase of range consolidation. Before key meetings conclude, market sentiment leans cautious, with bulls and bears in temporary stalemate; short-term price action is dominated by volatility and recovery.

Key resistance above remains near 5060; subsequent rebounds may still test this level. Short-term downside pressure has eased somewhat, but reversal signals are unclear; likely to maintain range-bound oscillation. In operations, avoid blindly chasing orders; patiently await quality entry points.

Trade Suggestions

Long: Enter near 4960–4970, stop loss below 4950, targets 5010–5030–5070

Disclaimer: The above is Tairan's personal technical analysis for exchange and reference only, and does not constitute any investment advice!
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