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March 11 Spot Gold Market Analysis
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📉 Gold Market Remains Under Pressure
Spot gold continued to decline on Tuesday (March 11), trading near $2,888. It fell 0.79% yesterday, breaking the key $2,890 support and hitting a one-week low of $2,880. With stock markets losing trillions in value, investors shifted to cash, prompting gold bulls to take profits and further pushing gold prices lower.
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🌍Geopolitical Factors & Trump’s Tariff Policies
Ukraine’s President visited Saudi Arabia, and the U.S. expressed optimism about U.S.-Ukraine relations, easing geopolitical concerns and reducing gold’s safe-haven demand. Meanwhile, the Trump administration announced a 25% tariff on Mexican and Canadian goods and planned a 20% tariff on Chinese imports. Despite some exemptions, market concerns over economic slowdown and inflation continue to support gold demand.
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📊 Fed Policy & Inflation Data in Focus
Investors are closely watching upcoming U.S. CPI and PPI data. If inflation remains high, the Fed may keep interest rates elevated, reducing gold’s appeal. The market is monitoring Fed policy, as rate hikes could exert additional downward pressure on gold prices.
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📉 Technical Analysis: Gold Breaks Below $2,890 Support
On the daily chart, gold has broken below $2,890, nearing yesterday’s low of $2,880 and hitting a one-week low. The short-term moving averages (MA5 & MA10) are trending downward, signaling continued bearish pressure. Key resistance levels are at $2,897 and $2,903, while support is at $2,880 and $2,865. A break below $2,865 could lead to further declines.
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📉 4H Chart: Short-Term Consolidation & Resistance Levels
The 4-hour chart shows gold consolidating around $2,880 without breaking key resistance. It may continue ranging, with the $2,900-$2,910 area acting as strong resistance. If prices fall below $2,880, they could accelerate toward $2,865.
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📌 Trading Strategy
Sell on Rallies: Short at $2,900-$2,910, targeting $2,880, with further downside to $2,865.
Buy on Dips: Long near $2,865, targeting $2,890, with further upside to $2,920.
Resistance: $2,897, $2,903, $2,915, $2,920.
Support: $2,880, $2,865.
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🔍Key Focus Areas
Trump’s tariff policies, Fed monetary policy, and U.S. CPI & PPI data.
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📌 Conclusion
Gold remains under pressure due to tariff uncertainty and economic outlook concerns. The market is closely watching U.S. inflation data to determine if the Fed will maintain high interest rates. Short-term traders should focus on the $2,880 support level and $2,900-$2,910 resistance zone while remaining cautious amid market volatility.
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