On March 10, gold prices initially rose before declining at the start of the week. During the late-night session, after a pullback to around 5060, gold stabilized and continued to fluctuate upward. This aligns with earlier observations that market support remains intact, although further upward momentum and a breakout would require additional fundamental catalysts. In early Asian trading on Tuesday, gold extended its gains, reaching approximately 5186 dollars before experiencing a minor retreat to around 5154, where it found support. Subsequent movements were characterized by minor fluctuations, with underlying support levels holding steady. Therefore, during European and U.S. trading hours, without clear signs of a top, a strategy favoring buying on dips appears appropriate.
On the daily chart, gold has been trading within a narrow range for several days. Although it briefly broke below the middle Bollinger Band early in the week, it quickly rebounded and resumed trading within its previous trajectory. By the close, gold remained above the middle Bollinger Band, consistent with the stable path indicated by moving averages. Key levels to monitor include resistance near the daily SAR indicator at 5202 dollars and support near the middle Bollinger Band at 5105 dollars.
The 4-hour chart shows the Bollinger Bands forming a narrowing pattern, with various indicators signaling bullish momentum. Gold is oscillating below the upper Bollinger Band, reflecting intraday high-level consolidation. The upper band is approaching the daily SAR resistance level near 5202 dollars. Meanwhile, the MA5 moving average has converged with the Asian session pullback level at 5154 dollars, serving as initial support. Further downside support can be found near the middle Bollinger Band on the 4-hour chart at 5127 dollars.
On the 1-hour chart, gold faced resistance after rising to around 5186 dollars in early trading. The Bollinger Bands are expanding upward, with the intraday trading channel widening. The SAR indicator is also trending higher, currently aligning with the 4-hour support reference at 5154 dollars. Additional support is expected near the 4-hour middle Bollinger Band at 5127 dollars, while the upper band has shifted closer to 5200 dollars. A breakout above this level should be monitored during the evening session.
Based on the above analysis: Intraday resistance levels (with a ±5 margin): 5200, 5217, and 5237 dollars. Intraday support levels (with a ±5 margin): 5155, 5130, 5120, and 5105 dollars.
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