Super Central Bank Week Strikes as Spot Gold Enters Wait-and-See Mode, 5000 Psychological Defense Line Under Test

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Source: JinTou.com

Today, Tuesday (March 17), during the Asian trading session, the latest spot gold price is 1112.27 RMB per gram, up 4.46 RMB from the previous trading day, a 0.40% increase, showing a rebound trend within the day. The opening price was 1107.87 RMB per gram, with a high of 1112.30 RMB per gram and a low of 1105.41 RMB per gram.

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Market focus is shifting to Wednesday’s Federal Reserve interest rate decision, widely expected to keep the rate unchanged at 3.50%-3.75%. Investors will pay close attention to Powell’s policy outlook guidance, as well as the latest economic projections (SEP) and the dot plot, to assess how the decision-makers view the impact of rising oil prices on economic prospects.

Additionally, several major central banks will announce interest rate decisions this week, including the Bank of England, European Central Bank, Bank of Japan, Bank of Canada, and Reserve Bank of Australia. The market expects the BoE, ECB, BoJ, and BoC to hold steady, while the RBA may raise rates again.

Latest Spot Gold Market Analysis

From a technical analysis perspective, gold is currently under significant selling pressure, testing the psychologically important support level of $5,000.

Looking at the daily chart, the short-term trend shows a clear bearish tendency. Spot gold is gradually approaching the 50-day simple moving average, which is currently around $4,955 per ounce. Notably, gold prices remain well above the rising 100-day moving average, indicating that the medium-term upward trend has not been broken.

In terms of momentum indicators, the Relative Strength Index (RSI) has fallen to 47, breaking below the key midpoint of 50, suggesting that bullish momentum is waning. The MACD indicator shows the MACD line below the signal line and the zero axis, with the negative histogram expanding, indicating increasing short-term downward momentum.

If gold prices fall below the psychological $5,000 level and the 50-day moving average near $4,955, the decline could accelerate, challenging the 100-day moving average at around $4,573. On the upside, the $5,200 level remains a key resistance. Only a successful breakthrough of this level could rekindle upward momentum.

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Editor: Zhu Henan