Gold prices rose slightly due to safe-haven demand, but the dollar limited its upside potential.
2026-03-10 14:40:22
Gold continued to attract buying interest after rebounding overnight from near the psychological $5,000 level, with follow-up buying occurring during Tuesday's Asian session. Iranian officials dismissed US President Trump's claims that the Middle East conflict was nearing its end, calling them nonsense and warning that regional security is either for everyone or for no one. Furthermore, the Iranian Islamic Revolutionary Guard Corps stated that Tehran, not Washington, will decide when the war ends. This statement maintained the focus on geopolitical risks, thus reigniting market demand for safe-haven precious metals.
Meanwhile, crude oil prices regained positive momentum after a sharp pullback from their highest levels since June 2022 the previous day, as investors worried that a closure of the Strait of Hormuz could lead to supply disruptions. Market concerns persist that prolonged high energy prices will push up inflation and prompt the Federal Reserve to postpone interest rate cuts. This, in turn, supported high US Treasury yields, helping the dollar halt its overnight decline from a three-month high, making it difficult for non-interest-bearing gold to break through the $5,200 mark.
The current fundamental environment is complex and volatile, advising caution before taking an aggressive bullish stance on gold. Traders are currently awaiting new momentum from US inflation data. The US CPI will be released on Wednesday, followed by the US PCE on Friday. These key data points will significantly influence expectations of a Fed rate cut and drive demand for the dollar, thus providing new impetus for gold. However, the focus remains on the latest developments in the US-Israel conflict with Iran.
From a technical perspective, gold prices have been fluctuating within a range for the past week or so, finding support near the 200-period exponential moving average (EMA) on the 4-hour chart. This EMA, located around $5010, coincides with the lower end of the trading range and should be a key pivot point for short-term traders.
The Moving Average Convergence Divergence (MACD) line has turned positive and extended above the signal line, with the positive histogram expanding, indicating that upward momentum is strengthening after the recent consolidation. The Relative Strength Index (RSI) is hovering above 50, reinforcing the view that bullish pressure is gradually emerging rather than being overbought.
Furthermore, the short-term bias is slightly bullish, as gold prices have remained above the $5010 confluence, maintaining a broader uptrend structure. Initial support lies near the recent trading range around $5140, with deeper support at the 200-period EMA on the 4-hour chart.
The first resistance level appears near the recent high of around $5,190, a level that has previously limited gains. If buying continues, the next resistance is at $5,230. If gold prices hold above $5,140, the bullish bias will remain valid; a break below $5,010 would weaken the upside outlook and shift focus to a correction phase.
Spot gold daily chart source: EasyForex
At 14:39 Beijing time on March 10, spot gold was trading at $5176.72 per ounce.
Meanwhile, crude oil prices regained positive momentum after a sharp pullback from their highest levels since June 2022 the previous day, as investors worried that a closure of the Strait of Hormuz could lead to supply disruptions. Market concerns persist that prolonged high energy prices will push up inflation and prompt the Federal Reserve to postpone interest rate cuts. This, in turn, supported high US Treasury yields, helping the dollar halt its overnight decline from a three-month high, making it difficult for non-interest-bearing gold to break through the $5,200 mark.
The current fundamental environment is complex and volatile, advising caution before taking an aggressive bullish stance on gold. Traders are currently awaiting new momentum from US inflation data. The US CPI will be released on Wednesday, followed by the US PCE on Friday. These key data points will significantly influence expectations of a Fed rate cut and drive demand for the dollar, thus providing new impetus for gold. However, the focus remains on the latest developments in the US-Israel conflict with Iran.
From a technical perspective, gold prices have been fluctuating within a range for the past week or so, finding support near the 200-period exponential moving average (EMA) on the 4-hour chart. This EMA, located around $5010, coincides with the lower end of the trading range and should be a key pivot point for short-term traders.
The Moving Average Convergence Divergence (MACD) line has turned positive and extended above the signal line, with the positive histogram expanding, indicating that upward momentum is strengthening after the recent consolidation. The Relative Strength Index (RSI) is hovering above 50, reinforcing the view that bullish pressure is gradually emerging rather than being overbought.
Furthermore, the short-term bias is slightly bullish, as gold prices have remained above the $5010 confluence, maintaining a broader uptrend structure. Initial support lies near the recent trading range around $5140, with deeper support at the 200-period EMA on the 4-hour chart.
The first resistance level appears near the recent high of around $5,190, a level that has previously limited gains. If buying continues, the next resistance is at $5,230. If gold prices hold above $5,140, the bullish bias will remain valid; a break below $5,010 would weaken the upside outlook and shift focus to a correction phase.
Spot gold daily chart source: EasyForex
At 14:39 Beijing time on March 10, spot gold was trading at $5176.72 per ounce.
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