March 11, 2026 Spot Gold Morning Analysis

Yesterday, spot gold rebounded after testing lows, quickly rallying after dipping below 5116 support in the early session. It closed near $5194, up over 1% for the day. The daily chart shows a long lower shadow bullish candle, indicating that selling pressure has significantly eased and bulls are beginning to regain control. Domestic gold T+D also moved higher, closing above 1145 yuan/gram, tracking the international market gains.

Firstly, geopolitical risk sentiment in the Middle East remains volatile, with conflicts ongoing and no signs of de-escalation. Funds continue to buy gold as a safe haven to support the market. Secondly, the US dollar index is weakening, and US Treasury yields are falling, reducing the cost of holding gold and supporting its price increase. Additionally, tonight’s US CPI data will be released, with markets closely watching inflation figures. If the data is weaker than expected, expectations of rate cuts will rise, further boosting gold prices. Conversely, stronger data could suppress gains.

Gold prices have held above the critical support level of $5100, halting the short-term decline. The MACD green bars are shrinking, and the KDJ indicator is turning upward from oversold territory, indicating a rebound from oversold conditions. Intraday support is seen in the 5150-5130 range; a break below this could weaken the bullish momentum. Resistance is at 5200-5230; a breakout above this zone could open the door to further gains.

The morning trading strategy is mainly oscillating with a slight bullish bias. Avoid blindly chasing highs; wait for a pullback to support levels to stabilize before entering small positions. The initial target is around the 5200 USD mark, with a further aim for new highs after a breakout. Strict stop-loss measures should be in place to manage data risk. Consider entering long positions near 5180-5160, targeting around 5200-5220.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng’s layout for specific trading strategies!