On Monday (March 2nd) during the Asian session, spot gold opened higher and continued to rise, climbing nearly $100 to $5392.77 per ounce, a new high since January 30th. Currently, it is up 1.8%, trading around $5371. The full-blown escalation of the US-Iran conflict has pushed risk aversion in global financial markets to its peak, leading to a strong surge in gold as a traditional safe-haven asset.

From US President Trump's confirmation of the death of Iranian Supreme Leader Khamenei, to tensions in the Strait of Hormuz, and the interception of Iranian missiles, a series of events have continuously sent risk signals to the market, driving a large influx of funds into the gold market. Some foreign investment banks even predict that if the conflict continues to escalate, gold prices could potentially hit a new historical high of $5800 per ounce.

From a weekly chart perspective, spot gold prices continue their strong momentum. After stabilizing above 5200, they may approach historical highs again, primarily due to the escalating geopolitical situation. Currently, the moving averages are in a bullish alignment, but the distance from the current price should be noted. The MACD indicator has also formed a golden cross, but this week's non-farm payroll data release may be crucial.

From a 4-hour chart perspective, following last week's surge in the US session, gold prices have successfully broken out of the previous trading range, a very positive signal for the bulls. Furthermore, the overall market fundamentals are favorable for gold, so a continuation of the strong upward trend this week is possible. Currently, the short-term moving averages have not fully unfolded and are expected to gradually form support. The MACD indicator has also returned to near the zero line. Therefore, the recommended strategy is to buy on dips. Resistance: 5290-5300-5310; Support: 5275-5260-5250.

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.