Gold market analysis

"Gold Price at 4,210 Becomes Key Support and Resistance Level" 3/12/2025 10:11 Finalized 

Spot gold prices continued to decline after forming a small double top on the hourly chart on Monday. Yesterday, the lowest point reached $4,163.97, still over $11 away from the key support level of $4,152.50 mentioned yesterday. Although the price has been recovering since then and rose to a high of $4,221.07 this morning, it has broken below the 50SMA on the hourly chart ($4,223). This morning's rebound to that level has been met with resistance, and it remains uncertain whether it can break through the large bearish candle formed during yesterday's sharp decline. 

Of course, from the daily chart perspective, whether it is judged by the candlestick pattern or the arrangement of moving averages, the upward breakout pattern of gold prices has not been disrupted. However, if there is a short-term decline of several tens of dollars, investors cannot ignore it. One of the reasons why many investors suffer losses is that they can tolerate large losses, but the key is whether they should accept such large losses? Being able to accept does not mean it should be done, especially for gold prices. Even if there is a strong one-sided movement of several tens of dollars within a day, it can still be wiped out completely within the same day. 

Spot gold has not yet adjusted by 50% of its biggest gain since November 24th. This morning's rebound slightly broke through the top of yesterday's big bearish candle, but it has not been confirmed that the top has been broken. There is still a possibility that gold prices will retest $4,152.5. The important Gann angle of $4,210 has once again become a support or may turn into resistance. This is the price at which both bulls and bears are currently fighting. If gold prices clearly break through the 50 SMA on the hourly chart and hold above it, it is expected to fluctuate between $4,210 and $4,260 within the day. If gold prices fall back below $4,210, it is more likely to fluctuate between $4,210 and $4,150. 

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