March 9, 2026 Spot Gold Midnight Analysis

Intraday spot gold formed a V-shaped reversal, with a rapid plunge in the early session, dropping to around 5013. Then, bottom-fishing funds entered the market, and gold prices rebounded all the way up, stabilizing around 5100 at midnight with oscillations. Overall, it first declined then rose, with intense volatility.

The US dollar and US Treasury yields strengthened early in the session, combined with profit-taking at high levels, pushing gold prices down; additionally, the Fed's rate cut expectations for March remain, Middle East geopolitical conflicts persist, and central banks are buying gold to support the market. When gold prices fall, buying interest emerges, quickly pulling prices back. No major data releases, mainly driven by capital speculation and risk aversion sentiment.

The daily chart shows a long lower shadow, with the 5000-5010 range as strong support, making a breakdown unlikely; the hourly MACD shows a bullish crossover pattern, with weakening bearish momentum, but bulls lack the strength to break through. Midnight trading oscillated between 5080-5120. The 5140-5150 range is a resistance zone; a breakout is needed for further gains, otherwise, it remains in a consolidation pattern.

Midnight trading strategy: Do not chase orders. Lightly buy near support levels, short sell near resistance levels, strictly set stop-losses, and wait for a breakout to follow the trend. It is recommended to go long after a pullback to around 5080-60 and stabilize, targeting 5120-40. Once broken, look for a move toward around 5160!

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