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Tuesday, 31 March 2026
Gold prices moved higher after holding above the $4,470 pivot level, attempting to break the midline of a bearish channel amid geopolitical developments and key U.S. economic data expectations.
Gold prices advanced during Tuesday’s session after successfully stabilizing above the daily pivot level at $4,470 per ounce.
The metal is currently attempting to break the midline of a bearish channel on the four-hour chart, which could signal a potential shift in short-term momentum.
Immediate resistance levels are seen at $4,657 followed by $4,759, representing key technical barriers for further upside.
On the downside, support levels are located at $4,320 and then $4,214 per ounce.
Overall, the short-term outlook may turn cautiously bullish if gold maintains stability above the $4,470 pivot and confirms a breakout above the channel structure.
From a fundamental perspective, geopolitical developments continue to influence gold markets, particularly statements suggesting potential de-escalation in Middle East tensions.
Brent crude oil is on track for its strongest monthly surge on record, reflecting heightened uncertainty in global energy markets.
Federal Reserve Chair Jerome Powell indicated that policymakers will adopt a "wait-and-see" approach regarding the impact of geopolitical events on inflation, adding to market uncertainty.
Investors are also focusing on upcoming U.S. economic indicators, including Consumer Confidence data and JOLTS job openings, which may provide further direction for gold prices.
Overall, gold remains sensitive to both geopolitical headlines and macroeconomic data, balancing safe-haven demand against policy-driven dollar movements.