March 17, 2026 Spot Gold Morning Analysis

Yesterday's gold price moved like a roller coaster, opening lower and then plunging sharply to around $4,967, followed by a rebound to $5,030 facing resistance, with another pullback near the close. It ultimately oscillated around the $5,000 level, closing with a bearish candle and showing overall weak consolidation. Domestic Gold T+D moved in sync, fluctuating in the 1110-1120 yuan/gram range with no clear trending move, as both bulls and bears remain cautious.

The Federal Reserve's March 19 rate decision meeting is approaching. The market has confirmed no rate cut in March, with reduced probability for June cuts as well. Higher rates will persist longer, strengthening the dollar and pressuring gold prices. After the previous substantial gains, institutions are taking profits and exiting. Additionally, Middle East geopolitical conflicts continue, providing safe-haven buying support, while central banks are continuously purchasing gold. Sharp declines will attract bottom-fishing capital. Overall, the newsflow sees mixed signals pulling both directions—short-term, avoid chasing shorts.

Daily charts have broken through short-term moving averages with MACD death cross and bears dominating. However, KDJ is nearing oversold levels—the selling pressure is easing. Key levels are clear: $5,000 below is the lifeline; if held, expect consolidation; if breached, target $4,980-4,950. Resistance above is at $5,030-5,050; failure to break indicates continued weakness.

Early today, gold is oscillating slightly above $5,000. Recommendation: on pullbacks to $4,980-5,000, accumulate longs in batches with targets toward $5,030-5,050. Use strict stop losses and avoid heavy position holding.

The above is personal advice for reference only and does not constitute investment basis. Please refer to Cheng Jingsheng Shiping's specific positioning for final determination! $XAU