In the early Asian session on Wednesday (March 12), spot gold fluctuated narrowly and is currently trading around $2,917.24/ounce. Overnight, gold prices rose nearly $30, reaching a high of $2,922.09/ounce and closing at $2,915.55/ounce. U.S. President Trump announced an expansion of tariffs on steel and aluminum, and for the first time included metal derivatives worth nearly $150 billion in the tax list. This move not only threatens increased costs for industries and consumers, but may also have a far-reaching impact on global supply chains and trade relations, and the market's safe-haven demand for gold has rebounded again.

However, Ukraine and the United States said in a joint statement on Tuesday that when officials from the two countries met in Saudi Arabia, Ukraine agreed to accept the U.S. proposal for an immediate 30-day ceasefire in the conflict with Russia. The ceasefire proposal may put pressure on gold prices by reducing geopolitical risks and safe-haven demand, but the trend of the US dollar and changes in inflation expectations are still key factors. Investors need to pay attention to the US Consumer Price Index released today and the Producer Price Index on Thursday.

From the daily level of spot gold, after the decline at the beginning of the week, the current gold price has rebounded again to above the critical 2900 mark, which also means that the competition between long and short positions in the short term is still intensifying. At this stage, the reference value of the moving average group is not great, and the MACD indicator is also approaching the 0 axis line. Therefore, it is not ruled out that it will continue to fluctuate at a high level, but it needs to be combined with the CPI situation announced tonight. For the time being, the 2880-2930 range can be paid attention to.

From the 4-hour level of spot gold, since the gold price rebounded near 2865 in March, the price has not been able to successfully break through the rebound of the 2930 first-line position. After a period of shock and consolidation, there are signs of a downward break. Although the gold price has rebounded in a short period of time, the support of the 2900 integer mark may have turned into pressure. It is recommended to pay attention to whether the pressure of the MA5 and MA10 moving averages is effective. Pressure: 2900-2910-2920 Support: 2890-2880-2870.

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.