March 6, 2026 Spot Gold Evening Analysis

The market opened with a sharp rise in spot gold, quickly climbing after the open, with strong bullish momentum and a generally bullish market sentiment. During the European session, the trend turned to a pullback, with prices gradually retreating, touching a low of 5084, a typical rebound-failure pattern, driven by short-term profit-taking and market adjustment.

Middle Eastern geopolitical tensions boosted safe-haven demand, supporting gold prices in the morning; the focus in the evening is on U.S. non-farm payroll data. The market is cautious ahead of the release, with funds hesitant to chase highs blindly. Additionally, the dollar is slightly strengthening, putting pressure on gold during the European session. Overall, it’s a tug-of-war between safe-haven demand and data expectations, leading to increased volatility.

The morning saw a breakout above short-term resistance, favoring bulls; during the European session, prices retraced but did not break the key support around 5080, which is a normal pullback. On the hourly chart, moving averages remain bullish; the pullback is a correction of indicators, not a reversal to bearish. Strong support lies between 5060-5080; holding this zone offers a chance for rebound. Resistance is at the early session high; only a breakout can signal continued strength.

Tonight’s outlook: before the non-farm data, expect mainly consolidation, with a focus on the 5084 support. As long as it doesn’t break, the trend remains bullish; a break below could turn the outlook weaker, targeting around 5060. Do not act aggressively before the data release; wait for signals before trading. A cautious approach is to buy on dips near 5080-5060, with targets around 5100-5120-5150.

This is only a personal suggestion for reference and does not constitute investment advice. Please follow Cheng Jingsheng’s analysis and layout for actual trading!