In early Asian trading on Monday (March 10), spot gold fluctuated in a narrow range and is currently trading around $2,915.60 per ounce. Gold prices have fluctuated at high levels for three consecutive trading days, but they still rose 1.85% on a weekly basis, helped by safe-haven inflows and the US employment report showing that the US economy added 151,000 jobs in February, which was lower than expected, suggesting that the Federal Reserve is expected to cut interest rates this year. In addition, the volatile tariff policy of US President Trump has also increased uncertainty.

Overall, the rise in gold prices last week once again highlighted its importance as a safe-haven asset. Although the market may face consolidation in the short term, geopolitical risks, inflation concerns and uncertainty in the Fed's policies will continue to support gold demand. This week will also usher in the US CPI data for February, and next week will usher in the Fed's interest rate decision. Investors need to pay attention to changes in market expectations. In addition, this week, pay close attention to Trump's tariff policy, the situation in Russia and Ukraine, and the US-Ukraine mineral agreement and other related news.

From the weekly level of spot gold, the gold price successfully stopped the rhythm of the correction last week and returned to above the 2900 mark under the favorable market fundamentals. Although only a small positive line was recorded, the key is to stand firm on the support protection of MA5, which is conducive to launching an impact on the high level again in the future. At this stage, the moving average group is still in a long arrangement, but the MACD indicator has slowed down, so it is not ruled out that it will continue to maintain range fluctuations at the beginning of this week.

From the daily level of spot gold, due to the poor performance of non-agricultural employment, this further helps the gold price to maintain the rebound space, thus forming a relatively obvious bottom pattern, but the current short-term moving average group is still in a sticky state as a whole, so the effect is relatively limited, and the MACD indicator will continue to be corrected this week, so it may not be able to open the upper space in a short time. In terms of operation, it is recommended to keep selling high and buying low. Pressure: 2920-2930-2940 Support: 2906-2900-2890.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.