March 24, 2026 Spot Gold Midday Analysis

During the Asian session on March 24, spot gold experienced volatile price action with a sharp decline. After opening, gold prices fell continuously throughout the morning, breaking through two key levels at 4400 and 4350, with intraday losses exceeding 2.6% and lows touched near 4305. Although there was slight recovery afterward, the overall trend remained weak and subdued at lower levels, with bulls showing no resistance and bears in complete control.

From a fundamentals perspective, the market is primarily influenced by Federal Reserve policy and market sentiment. The Fed previously signaled a hawkish stance, causing recession expectations to cool significantly. The U.S. dollar and Treasury yields continue to rise, increasing gold holding costs and triggering capital outflows—the core reason for gold's sharp decline. Simultaneously, geopolitical risk sentiment in the Middle East has cooled, further weakening safe-haven buying interest in gold. Under multiple headwinds, gold prices face downward pressure.

Technically, gold's short-term trend shows a complete breakdown. On the daily timeframe, prices have broken below key support levels with moving averages in bearish alignment, indicating a clear downtrend. From a shorter timeframe perspective, gold finds minor support around 4300 with signs of weak recovery, but rebound strength is extremely limited. Above, 4350 and 4400 have turned into strong resistance levels. Without significant positive catalysts, gold will struggle to achieve strong rebounds and will likely maintain range-bound trading at lower levels, with risks of further downside.

Overall, the midday weakness in gold remains difficult to change. Trading requires caution—avoid blind buying on dips. It is suggested to enter short positions in batches near the 4400-4380 zone on rebounds, with 4420 as a defensive level, targeting 4330-4300-4280 thereafter!

The above is merely personal advice for reference only and does not constitute investment basis. Please refer to Cheng Jingsheng's specific positioning for actual guidance! $XAU ‌#XAU