On Monday (March 31) in early Asian trading, spot gold traded around $4502 per ounce. Gold prices rose for the second consecutive trading day, mainly driven by safe-haven demand fueled by the ongoing conflict in the Middle East, despite the market no longer expecting a Federal Reserve rate cut this year. Although short-term safe-haven sentiment has improved somewhat, gold has fallen more than 14% so far in March, poised to record its worst monthly performance since the 2008 financial crisis.

The Middle East conflict has cast a shadow of uncertainty over global markets. While gold cannot completely hide its monthly drop in the short term, it has shown resilience in its rebound, supported by safe-haven demand. Future trends will depend on the pace of the conflict, the persistence of inflationary pressures, and the Federal Reserve's policy response.

From the daily chart for spot gold, yesterday's price rebounded after hitting a low, forming a bullish candlestick with a long lower shadow and a clear body. Currently, the MACD indicator shows signs of a golden cross, suggesting the trend is entering a period of directional choice. The key resistance level to watch is the psychological level of 4600.

From the 4-hour chart for spot gold, the price has been in a volatile upward trend recently, currently rebounding towards the 4600 level. The MACD indicator maintains its golden cross and shows signs of crossing the zero line into strong territory. However, the resistance at the 4600 level is quite strong, and the price may experience a pullback in the short term. Intraday, pay attention to the support levels of the MA5 and MA10 moving averages. Resistance: 4570-4580-4590 Support: 4560-4550-4540.

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.