Gold market analysis

"Gold Prices Have a High Chance of Repeatedly Rising This Week" 30/3/2026 10:45 Completed 

International oil and gold prices continue to be affected by the geopolitical conflicts in the Middle East. The main reasons are concerns over disruptions in crude oil supply, rising inflation expectations and growing risk aversion. Currently, New York crude oil has risen back above the $100 per barrel level, and Brent crude oil has also risen above $110 per barrel. Although Iran has opened the Strait of Hormuz to oil tankers from about 20 countries, there are still no signs of a short-term ceasefire between the US, Israel and Iran. Moreover, US President Trump said that there are still 3,000 Iranian targets that have not been attacked, and the US military continues to increase its troops in the Middle East. The peak of the Middle East conflict has not yet arrived. 

Last Friday, the spot gold price once rose to $4,555.41, up more than $200 from the low of Thursday's New York session. However, it continued to fall after the London close and closed below $4,500. This morning in the early Asian session, the gold price dropped to $4,420.48 before climbing again. From the hourly chart, it can be seen that although the adjustment this morning briefly broke through the low of the large bullish candle in the early New York session last Friday at $4,431.04, it eventually closed above that level, which can be regarded as an important support level for the day. 

In addition, last Friday, the gold price slightly broke through the resistance of the narrowing triangle's descending track, but it still needs to rise above $4,601.08 to have the potential for further gains. This is the 38.2% retracement level of the biggest decline since March 2nd, and it remains a strong resistance for the gold price in the short term. Whether it can break through this level is the key to the gold price's future trend. From the perspective of Gann's Square, $4,410 still provides strong support, while the resistance level is at $4,510. If it breaks through, $4,579.43 will be a strong resistance. From the analysis of the short-term cyclical trend, the gold price is expected to rise and fall repeatedly this week. However, if it falls below last Friday's low of $4,351.16, regardless of whether it closes below this level or not, it is expected that the gold price will bottom out and rebound on Tuesday or Thursday of this week. A break below the ascending track on the hourly chart will be regarded as a warning of further decline. 

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