3.18 Jian Xi Midday Review: Rally Fades Under Pressure, Key Support Determines Bulls vs Bears

Gold surged weakly in early trading, touching 5015 before rapidly declining, successively breaking through the Bollinger Band midline and short-term moving averages, with lows probing 4986. Currently oscillating weakly around 4991. Overall pattern shows initial gains followed by losses, with short-term trends biased toward consolidation and weakness, intensifying competition between bulls and bears.

From a fundamentals perspective, Middle East geopolitical tensions support safe-haven demand, while the Fed has adopted a cautious stance, with rate-cut expectations remaining uncertain. Combined with major U.S. data approaching this evening, market sentiment remains cautious, with profit-taking at higher levels driving gold prices lower.

From a technical perspective, on the 5-minute chart, gold pulled back after rallying to the upper band, breaking below the midline and approaching the lower band. The Bollinger Bands show a downward opening, with clear short-signal indications. Currently approaching the key support level of 4980—4985. If this breaks, further downside is expected; if it holds, a rebound recovery is possible.

Rebounds testing 4970—4980 for stability, add longs in batches
Pullbacks expanding to 4940—4960, continue adding longs
Direct market strength, follow with long positions near 4990
Targets: 5000, 5050 and above#古巴领导人回应美国威胁 $XAUT