3.18 Gold Commentary: 5000 Level Experiencing Repeated Competition, Consolidation Awaiting Direction

Gold has seen intense long-short competition recently, with repeated tug-of-war centered around the 5000 level. After opening lower in yesterday's Asian session, prices rallied during consolidation, extending the rebound momentum into the European session with a high touching 5044; prices pulled back sharply in early morning trading, hitting a low near 4973 before stabilizing, then rebounding from the bottom to return to consolidation near 5000.

Currently, the market has stopped its decline and stabilized, with selling pressure somewhat easing while buyers are pushing back from lower levels. Overall, the market has entered a range-bound consolidation phase. Ahead of key meetings, market sentiment leans cautious, with bulls and bears in temporary stalemate, and short-term price action dominated by consolidation and recovery.

Key resistance above remains around 5060, and rebounds may still test this level; short-term selling pressure has eased somewhat, but reversal signals are not yet clear, with the market likely maintaining range-bound consolidation. Operationally, avoid chasing blindly and patiently await quality entry points.

Operational Suggestions

Long Entry: Around 4960–4970 levels, stop loss below 4950, targets at 5010–5030–5070

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