March 26, 2026 Spot Gold Midday Analysis

Yesterday's spot gold showed an overall pattern of rallying and then pulling back. In the early session, it surged to nearly 4602, the high position, but subsequently the bulls lacked momentum and began to decline. The selling continued into the evening, with lows near 4486. The session ultimately closed sharply lower, noticeably weaker than the previous trading day's close, with large daily volatility and intense long-short competition, with the bears eventually gaining the upper hand.

On the news front, there were no particularly significant economic data releases yesterday. The main driver was market expectations regarding the Federal Reserve's subsequent monetary policy unfolding. The market is speculating that the Fed's rate cut timeline may be delayed, and the U.S. dollar and Treasury yields have risen somewhat, which has created downward pressure on gold. Additionally, there were no major bullish developments in geopolitical situations, weakening safe-haven demand for gold, which is also a reason for gold's pullback. Overall, the news backdrop is bearish for gold.

From a technical perspective, gold hit resistance after its prior rally and failed to break through successfully. The short-term uptrend is encountering resistance. The daily chart closed with a bearish candle, breaking below short-term support levels, with the trend weakening. Around $4500 is a critical short-term support level; if this breaks, gold prices may decline further. The $4600 level above represents strong resistance, and it would be difficult to break through again in the short term. Short-term trading will likely maintain a range-bound, slightly bearish pattern.

Short-term recommendation: On bounces to around 4520-4550, consider building positions in batches, targeting around 4480-4450-4400 levels.

The above is merely personal suggestion for reference only and does not constitute investment basis. Please refer to Cheng Jingsheng's Shizhan layout for specifics!! $XAU ‌#XAU