On Tuesday (March 3), during the Asian session, spot gold fluctuated at high levels, currently trading around $5332.87 per ounce. The conflict between the US, Israel, and Iran has spread to Lebanon. US media reports indicate that the US is preparing for a "large-scale attack" on Iran within the next 24 hours. Gold prices are expected to continue their upward trend in the short term, although the surge in US and Treasury yields has somewhat limited the gains.

In summary, the gold market is currently at the intersection of multiple positive factors. Geopolitical risks are at their highest level in recent years, with no signs of easing in the short term; shipping disruptions in the Strait of Hormuz are pushing up oil prices, and inflationary pressures continue to accumulate; the Federal Reserve's monetary policy is facing a dilemma, and lower real interest rates are providing support for gold; restrictions on the circulation of physical gold are further exacerbating supply shortages.

From the daily chart for spot gold, yesterday's price action saw a pullback after a surge, resulting in a bearish candlestick with an upper shadow. While the upward pressure was evident, the recent price rebound and the MACD indicator's continued golden cross suggest that the price's rebound after testing the 5-day moving average (MA5) indicate that the moving average support remains effective, suggesting further upside potential.

From the 4-hour chart for spot gold, after moving higher within a consolidation range in the last week of February, this week saw a gap up, further expanding the trading range. Currently, the moving averages are in a bullish alignment, but the trend is still volatile, and the MACD indicator's convergence doesn't provide many valuable signals. Therefore, a range-bound trading strategy is recommended. Resistance: 5380-5390-5400; Support: 5370-5360-5350.

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.