On Friday (March 27) in early Asian trading, spot gold was trading around $4398 per ounce. Gold prices fell nearly 3% on Thursday due to a stronger dollar, market participants reassessing the possibility of a ceasefire in the Middle East, and Trump postponing the strike on Iranian power plants for another 10 days.

The extension of Trump's Iran peace talks is not a glimmer of peace, but rather another exposure of the complexity of the Middle East situation. It directly shattered market illusions of a quick ceasefire, driving a triple whammy of rising oil prices, inflation expectations, and interest rate expectations, causing gold to suffer a "double whammy" in the short term—a stronger dollar and high interest rate pressure. In the short term, as long as the US-Iran negotiations do not achieve a substantial and verifiable breakthrough, and inflation and tightening expectations persist, gold prices may continue to face downward pressure.

From a daily chart perspective, the first resistance level to watch today is around 4440, near the 5-day moving average. Strong short-term resistance may lie around 4480-90, the area between last night's breakout and the rebound high. On the downside, the key support level is around 4350-00, a previous area of high trading volume. If there are no major fundamental developments today, gold may fluctuate within this range, with a directional move expected next week.

From a 4-hour chart perspective, gold prices are currently maintaining a range-bound pattern. Although there was a strong rebound yesterday, it failed to stabilize and continue rising. The market will focus on the economic data released tonight. Currently, short-term moving averages are largely converging, and the MACD lines are not showing a clear angle, indicating that the battle between bulls and bears may continue. Therefore, the recommended strategy is to buy low and sell high for now. Resistance: 4455-4465-4480; Support: 4440-4430-4420.

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.