Gold market analysis

The gold price rebound wave is expected to come to an end around the beginning of next week.

2026-03-27

"Gold's Rebound Wave May End Early Next Week" 27/3/2026 10:39 Completed 

The situation in the Middle East remains a market focus. US President Trump said that the time for the US to launch air strikes on Iran's energy facilities would be postponed by 10 days. Meanwhile, the US Department of Defense said it was considering sending an additional 10,000 ground troops to the Middle East, thus providing Trump with more military options. It is obvious that the US is trying to pressure Iran into reaching an agreement that the US wants. 

International oil prices plunged sharply in the late trading session in New York yesterday. West Texas Intermediate (WTI) crude oil once dropped to $89.51, while Brent crude oil fell to $97.11. However, they gradually recovered their losses. This morning, WTI crude oil rose to around $94, and Brent crude oil climbed to $101. As for the performance of gold prices, it was mentioned yesterday that if the spot gold price fell to around $4,350.89, it would be a buying opportunity. Indeed, the spot gold price dropped to $4,351.16 in the late trading session in New York yesterday and then rebounded. This morning, it rose above $4,400 and further strengthened to $4,439.56. 

Measuring the movement since March 23rd with the Fibonacci extension lines, if the new extension reaches 100%, the gold price will rise to $4,852.69, which will simultaneously break through the 50% retracement level of the largest decline since March 2nd at $4,759.43. From the daily chart, it can be seen that the 20SMA (currently around $4,880) is still gradually moving down and further away from the 50SMA. The 20SMA is likely to touch $4,852.69 on Monday or Tuesday, and the gold price's rebound wave may temporarily end. In other words, $5,000 will be a strong resistance for the gold price in the medium term, and $4,660 at the Gann level angle will become an important support at that time. Currently, the ultimate support is $4,350, and $4,410 at the Gann 270-degree vertical angle is a strong support. 

The above content is for reference only and does not constitute investment advice.


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