March 10, 2026 Spot Gold Midday Analysis

In the early trading session, spot gold showed a rebound after testing lows, with a dip to around 5117. Subsequently, bottom-fishing funds entered the market to push prices higher, and by midday, trading was around 5160. Overall, this is a correction after yesterday's sharp decline, with volatility narrowing but still facing tug-of-war between bulls and bears.

The core market news revolves around two key points: first, Middle East geopolitical risk aversion remains, providing support for gold prices; second, the market is closely watching tonight’s Federal Reserve officials' speeches, as well as the upcoming US CPI and PPI inflation data over the next two days. Expectations for rate cuts fluctuate, the dollar and US bond yields remain volatile at high levels, and gold prices currently lack a clear directional trend, pending actual data releases.

From a technical perspective, the daily chart shows a long lower shadow, with $5100 as a strong intraday support level and the $5000 threshold firmly defended. In the short term, the MACD green histogram is shrinking, and the KDJ indicator is turning upward from oversold territory, indicating a clear slowdown in the downtrend and a rebound from oversold conditions. Currently, $5200 is a strong resistance level, with the intraday trading range between 5120 and 5180.

In the short term, expect a mainly oscillatory correction. Avoid blindly chasing highs; consider entering on pullbacks to support levels. It is recommended to go long after prices stabilize around 5150-5130, targeting near 5180-5200. A break below could lead to further gains toward around 5220.

This is only a personal suggestion for reference and does not constitute investment advice. Please follow Cheng Jingsheng's layout for specific strategies! $XAU ‌#XAU