3.18 Jian Xi Midday Review: Pullback After Rally Tests Key Support Levels

Gold rallied weakly in the morning session, touching 5015 before quickly pulling back, successively breaking through the Bollinger Band midline and short-term moving averages, with lows probing 4986. Currently oscillating weakly around 4991. Overall showing a rise-then-fall pattern with weakly oscillating short-term trends, intensifying battle between bulls and bears.

From a fundamental perspective, Middle East geopolitical tensions provide safe-haven support, while the Federal Reserve's stance remains cautious with inconsistent rate cut expectations. Combined with major US economic data approaching this evening, funding sentiment is largely wait-and-see, with profit-taking from elevated levels driving gold prices lower.

On the technical side, gold prices on the 5-minute chart have pulled back after hitting the upper Bollinger Band, breaking below the midline and approaching the lower band, with Bollinger Bands opening downward—clear short-term bearish signals. Currently approaching the key support level of 4980-4985. If this support breaks, further downside is likely. If it stabilizes, a rebound to repair losses is possible.

Pullback to 4970-4980 stabilizes, gradually add long positions on dips
Correction expands to 4940-4960, continue buying dips
Breakout and rally, follow with long positions near 4990
Target 5000, above 5050#古巴领导人回应美国威胁 $XAUT