March 10, 2026 Spot Gold Morning Analysis

On March 9, spot gold experienced a rollercoaster of testing lows and rebounding. In the early trading session, it briefly plunged to around 5013, then strongly rebounded in the afternoon, closing near 5136, with a daily increase of over $100, a 1.6% rise. Domestic Gold T+D prices moved in tandem, closing at 1148 yuan/gram. The day saw intense volatility, with fierce battles between bulls and bears, and strong buying support at lower levels.

The core factors remain twofold: first, the ongoing tension in the Middle East keeps safe-haven funds ready to support gold prices at any moment; second, the market is watching the upcoming US CPI data. The Federal Reserve's rate cut expectations fluctuate, and the strength of the dollar directly impacts gold prices. Additionally, global central banks continue to buy gold, providing a bottom support and locking in a large downside space.

From a technical perspective, the daily chart shows a large bullish candlestick, with prices stabilizing above the key support level of 5100 USD, indicating short-term consolidation with a slight bullish bias. On the hourly chart, moving averages are converging, and prices are oscillating between 5120-5150. Indicators have recovered from oversold levels to neutral, showing some rebound momentum but not entering a strong zone. Resistance is at 5150-5200, while strong support lies at 5050-5100. Intraday, high-level consolidation is likely, and a breakout would be needed to establish a trending move.

Overall, gold prices are experiencing a consolidation and correction in the morning, awaiting data catalysts. Technically, it’s advisable to buy low and sell high within the range.

It is recommended to wait until the price stabilizes around 5120-5100 before entering small long positions, targeting 5150-5180-5200. Be cautious of profit-taking triggers causing pullbacks, and strictly set stop-loss orders.

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