3.18 Jian Xi Midday Comment: Sharp Rally Followed by Pullback Under Pressure, Key Support Determines Bulls and Bears

Early in the session, gold surged but lacked strength, touching 5015 before rapidly declining, successively breaking through the Bollinger Band midline and short-term moving averages, with lows probing 4986. Currently oscillating weakly around 4991. Overall pattern shows rise followed by fall, short-term trend favors choppy and weak movements, with intensifying battle between bulls and bears.

On the fundamental side, geopolitical tensions in the Middle East support safe-haven demand, Fed rhetoric remains cautious, rate-cut expectations fluctuate unpredictably, combined with major U.S. data approaching tonight, fund sentiment is predominantly cautious, with profit-taking from elevated levels driving gold price lower.

On the technical side, on the 5-minute chart, gold price retreated after touching the upper Bollinger Band, breaking through the midline and approaching the lower band, with Bollinger Bands opening downward and clear short-side signals. Currently approaching key support at 4980—4985; if broken, further decline follows; if holding, recovery bounce is expected.

Retesting 4970—4980 holding support, accumulate longs in batches
Pullback expands to 4940—4960, continue taking longs
Market directly strengthens, follow long positions near 4990
Target sees 5000, 5050 and above#古巴领导人回应美国威胁 $XAUT