March 4, 2026 Spot Gold Evening Analysis

Hello everyone, I am Cheng Jingsheng. Tonight I will analyze the gold trend for you, starting with a review of this morning's and European session's movements: Gold initially retreated in the morning, and our midday analysis pinpointed the 5121 support level accurately. The price held steady here, then oscillated upward, reaching around 5200. This 80-point move was very standard. The European session was mainly characterized by sideways strength without a significant plunge, indicating solid buying support below and a clear short-term market sentiment improvement.

Tonight, there are no major data releases impacting the market. The market is mainly digesting recent volatility. The US dollar and US Treasury yields fluctuated slightly, which did not provide obvious bearish signals for gold, giving the price a chance to rebound and recover. The key focus remains on the capital flow during the US session tonight, with no sudden news expected to interfere for now.

Gold successfully stabilized around the 5120-5121 area after a pullback, with a good hourly chart pattern, confirming a short-term rebound structure. Strong support is at 5120-5100; a break below this would signal a renewed weakness. The first resistance is at 5200-5220; only after breaking through can a larger upward space open up.

Tonight's outlook is quite clear: hold the 5120 support and treat the market with a slightly bullish oscillation mindset, mainly looking for dips to stabilize and buy. If it falls below 5120, do not chase longs; wait for stabilization below before making further plans. Overall, tonight is likely to see a range-bound oscillation. Focusing on key levels for high sell and low buy is a safer strategy.

Suggestion: Wait for a rebound and stabilization around 5140-5160 to buy, with targets near 5200.

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