Spot gold experienced intense volatility during the Asian trading session on Monday (March 9), showing a wide-ranging fluctuation pattern. After opening higher in the early session, prices quickly plunged, touching around $5014 per ounce, then rapidly rebounded, indicating strong buying support below. The 5000 level held as a key support, and the overall trend remains unchanged. Intraday, bulls and bears are engaged in a fierce tug-of-war. Traders can rely on technical support and resistance levels for repeated participation.

From a technical perspective, the daily chart has not formed consecutive bullish candles, so a strong upward push is not yet supported; the Bollinger Bands are narrowing, with prices oscillating around the middle band. The core trading range remains between 5200 and 5000. On the hourly chart, gold is still fluctuating around 5100. If tonight’s closing is above the 5120 level (the 5- and 20-day moving averages), the hourly structure’s center of gravity will shift upward, potentially triggering a short-term bullish turn. Conversely, if tonight’s price continues to oscillate within the 5100-5050 range or closes below 5100, the short-term outlook remains bearish. As long as the price closes with a bottoming and rebound long lower wick candle back inside the channel, support remains valid. I lean toward a bottoming and rebound consolidation tonight.

Trading suggestions: Focus first on the 5050 level for a battle; if broken, then pay close attention to the 5020-00 zone. If the 5020-00 area holds, consider gradually adding long positions with a stop loss of 20 points, targeting 5100/5140.

Risk reminder: Investment involves risks. Enter the market cautiously. The above content reflects personal ideas and opinions only and does not constitute trading advice.