March 12, 2026 Spot Gold Morning Analysis

Yesterday, spot gold traded within a narrow range overall, fluctuating between $5184 and $5222 throughout the day, closing slightly lower. The market was waiting for the US February CPI data, with both bulls and bears hesitant to make bold moves. After the data was released, as expected, risk aversion eased, and profit-taking from earlier gains occurred, leading to a slight weakening in gold prices toward the close. The daily chart shows a small bearish candle, indicating short-term consolidation and volatility.

The core factors remain the US CPI and the Federal Reserve's interest rate cut expectations. February CPI year-over-year was 2.4%, with core CPI at 2.5%, basically in line with expectations. The market did not react strongly, but the rate cut expectations were not reinforced for now. The US dollar and Treasury yields fluctuated slightly, suppressing gold prices. Easing tensions in the Middle East reduced safe-haven demand, combined with profit-taking from previous highs, which collectively dragged down gold prices. In the short term, focus on Fed officials' speeches and geopolitical developments. During this data vacuum period, gold will mainly fluctuate based on technical analysis.

On the daily chart, gold has strong support at $5100. The resistance zone is between $5180 and $5200. In the short term, expect range-bound consolidation. The 4-hour chart shows moving averages flattening, MACD weakening in bearish momentum, and RSI in neutral territory, indicating a balance between bulls and bears. Gold opened slightly lower this morning and retreated. Support levels are around $5130–$5100; holding these levels could lead to a rebound. If broken, the next support is at $5080. Resistance on the upside is at $5180–$5200; a breakout above this range could open the way for further gains.

Trading strategy: Short-term buy low, sell high; avoid chasing orders. Focus on whether support and resistance levels are broken. Consider buying on rebounds near $5150–$5170, with targets around $5120–$5100.

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