March 18 Gold Commentary: The 5000 Level Continues to Be Contested, Consolidation Awaits Direction

Gold has experienced intense battles between bulls and bears recently, with repeated tug-of-war around the 5000 level. After yesterday's Asian session opened lower, prices fluctuated and moved higher, with the European session continuing the rebound trend, reaching a high near 5044. In the early morning, prices quickly dropped to around 4973, where they stabilized, then rebounded and oscillated around the 5000 mark again.

Currently, the market has stabilized after finding a bottom, with the bearish momentum easing. Bulls are making efforts to fight back from lower levels, and overall, the market has entered a consolidation phase. Before key economic meetings, market sentiment remains cautious, with the bulls and bears temporarily at a standstill. In the short term, the trend is mainly sideways correction and consolidation.

The key resistance remains around 5060; in the future, rebounds may still test this level. Although the short-term downward momentum has eased, reversal signals are not yet clear, and the market is likely to continue range-bound consolidation. Traders should avoid blindly chasing trades and patiently wait for high-quality entry points.

Trading Suggestions

Long positions: Enter around 4960–4970, with a stop loss below 4950, targeting 5010–5030–5070

Note: The above analysis is based on Tairan's personal technical view for discussion and reference only and does not constitute any investment advice!