March 12 Gold Morning Review

Ahead of the Federal Reserve's interest rate decision, the latest February CPI data was released, intensifying the bullish and bearish battles in gold. After the data release, gold prices surged then pulled back, ending with a long lower shadow candlestick, confirming the validity of the 5150 support level.

Currently, spot gold is trading around 5175. If the short-term moving averages stabilize, the medium-term bullish trend remains intact. The intraday pullback is a normal digestion after the data release. The Middle East geopolitical tensions and expectations of Fed rate cuts continue to compete, leading to short-term consolidation.

From a technical perspective, the 15-minute chart shows a low-level correction, with the current price oscillating around 5175.
Resistance above: 5194
Short-term support: 5166
Key strong support: 5150 (extreme limit of this pullback)
Trading suggestion: Light short positions around 5180-5185, with a stop at 5190, targeting 5140-5150; if the price pulls back and stabilizes at 5140-5130, consider light long positions with a stop at 5120, aiming for 5178-5185, with position size controlled within 20%.
Disclaimer: The above is for market opinion sharing only and does not constitute investment advice. Investment decisions should be made independently based on your own risk tolerance. #SpotGold#外汇黄金[超话]##伊朗在霍尔木兹海峡布设水雷