Gold market analysis

"Gold prices are likely to bottom out and rebound today." 13/3/2026 10:50 Completed. 

Yesterday, the gold price exhibited three distinct patterns. In the Asian morning session, it fluctuated in a triangular pattern. During the European morning session, it moved sideways, reaching a high of $5,191.82. However, in the New York session, it entered a one-sided decline, falling to the day's low of $5,055.42 at the end of the session, reflecting significant differences in investors' views on gold prices across different regions. Today, in the early Asian session, the gold price rose to $5,128.39, approaching yesterday's Asian session low of $5,126.13, which is a typical situation where a support level, once breached, becomes a resistance level for a rebound. 

However, from the hourly chart, it can be seen that the gold price is still within a large balanced ascending channel. It was pointed out yesterday that today is a turning point for the gold price. Considering the current relatively low price, the possibility of a bottom is higher. But the final judgment should be based on the closing price. If the gold price rises significantly during the day and challenges yesterday's high, or even reaches the top of the ascending channel, it should be judged as a top. Unless there is a significant breakthrough of the top of the ascending channel, it is not advisable to chase the high rashly. 

Furthermore, if the early rebound high of today becomes the intraday top of gold price and it further drops, the Fibonacci extension can be used to find the potential support level of the gold price. Taking the high of yesterday's European session at $5,191.82 to the low of yesterday's New York session at $5,055.42 as the first round of decline, if a new decline wave starts now, and the extent is equivalent to 100% of the above-mentioned decline, then the gold price will fall to $4,991.99; 61.8% will be at $5,044.09, and 50% will be at $5,056.19. Among the above-mentioned prices, the 61.8% decline target is the closest to the bottom of the ascending channel. As the gold price is expected to remain above $5,000 and still be within the balanced ascending channel, the 61.8% adjustment level can be regarded as an ideal entry point. 

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