March 3, 2026 Spot Gold Midnight Analysis

Today, spot gold moved very extremely overall. It surged to around 5380 in the early session but faced resistance, then plunged sharply in the afternoon, with the entire day seeing a rise followed by a decline and a weakening trend.

Due to the cooling of risk aversion in the Middle East, risk funds withdrew; the Federal Reserve's hawkish stance strengthened the dollar, putting pressure on gold prices; combined with previous gains being too high, institutions took profits en masse, and multiple bearish factors hit the market simultaneously.

After an early surge that failed to hold, 5380 became a strong intraday resistance; in the afternoon, it broke below key support levels, triggering a large number of stop-loss orders, accelerating the decline. The daily chart closed with a large bearish candle, completely extinguishing the short-term bullish momentum and entering a correction phase. The hourly chart continued downward, with moving averages in a bearish alignment, making rebounds opportunities to short.

Midnight Trading Strategy: Do not chase the bottom; follow the trend and go short on rallies. Resistance above is at 5150-5100, support below is at the 5000 level. Wait for a rebound to resistance levels to short, targeting 5030-5000-4950, with strict stop-losses—don't be greedy.

Today is a typical case of profit-taking at high levels combined with negative news resonance, turning the short-term trend bearish. Expect continued weakness and oscillation downward overnight. Avoid blindly going long; following the bears is safer.

The above is only personal advice for reference, not investment advice. Please follow Cheng Jingsheng's layout for specific strategies!$XAU ‌#XAU