Gold Market Analysis: “Short-Term Gold Prices Remain Primarily for Selling on Rallies” Completed on 3/11/2026 11:19
According to the Wall Street Journal, citing U.S. officials, the United States struck Iran’s Qeshm Island on Monday. In recent weeks, the U.S. has carried out a series of limited covert strikes against Iran, but U.S. President Trump still said that the two sides could still reach a diplomatic agreement. The market reacted with falling oil prices and rising gold prices.
Why did oil prices not rise and gold prices not fall? This is probably because Qeshm Island is located at the mouth of the Strait of Hormuz. The island houses large underground missile facilities, a naval base, and a major seawater desalination plant, which Iran has used to attack oil tankers entering and leaving the strait. With these facilities now damaged, crude oil can be shipped out safely, so oil prices naturally fell. Following the logic of the past, when oil prices fall, gold prices naturally rise.
Yesterday, gold prices bottomed at $3,870.17 before stabilizing, and at one point rose to $3,970.31, but were clearly constrained by the low of October 23. This morning, prices peaked at $3,964.46 before pulling back, and are currently holding above the 50-period SMA on the hourly chart at $3,930. Overall, gold prices have not yet shown weakness, nor have they given any signal of a technical trend reversal to the upside. The 20-period SMA on the daily chart at $4,078.5 is currently the key technical indicator for the trend. Unless gold closes above this level for three consecutive days, any rally should be treated as a selling opportunity. For ultra-short-term trading, place a stop-loss if gold closes above $3,976 for two consecutive hours on the hourly chart, sell on strength, with targets at $3,910 and $3,860, and only consider buying when prices fall to around $3,810.
The above content is for reference only and does not constitute investment advice.