Gold Prices Surge at Week's Start as Middle East Tensions Fuel Safe-Haven Demand

On Monday, March 2, during early Asian trading, the U.S. dollar index edged higher by approximately 0.3%, while most non-U.S. currencies weakened. The Australian dollar fell over 1%, hitting a one-week low. The USD/CHF pair opened down 0.34%, reaching a two-week low of 0.7667. The NZD/USD pair opened about 0.8% lower, dropping to a one-week low of 0.5945. EUR/USD opened nearly 0.4% lower, falling to a one-week low of 1.1764. GBP/USD opened about 0.56% lower, declining to a more than one-month low of 1.3399. USD/JPY showed little movement, trading near flat at 156.14, up about 0.04%.

As geopolitical tensions escalated, global investors shifted decisively into risk-off mode, with significant safe-haven trading expected upon market reopenings. Traditional safe-haven assets like the U.S. dollar and gold are anticipated to strengthen notably, while stock markets face downward pressure. Over 1,800 flights to and from Middle Eastern countries were canceled on Saturday, with an additional 1,400 flights affected in the region on Sunday. Qatar Airways announced a full, temporary suspension of flights, and Emirates confirmed that Dubai International Airport—one of the world's busiest—had completely halted services. This caused severe disruptions to global travel networks, highlighting the profound impact of the conflict on civilian infrastructure.

At the start of the week, gold prices broke above the upper Bollinger Band on the daily chart. Short-term moving averages for gold are aligned in a bullish formation, with subsequent attention on weekly SAR indicator resistance near $5,500. Furthermore, the monthly chart closed with a strong bullish candle, and gold prices opened higher for the current month, increasing the likelihood of further new highs in the short term.

Intraday resistance levels are near 5390, 5400, 5420, and 5440. Intraday support levels are near 5342, 5320, 5310, and 5275.

[Note: The above analysis is based on current technical patterns. Specific trading decisions should be adjusted flexibly according to real-time market conditions. The analysis and strategies presented are solely personal views. Trading based on this information is at your own risk. Avoid heavy positions and holding losing trades; manage your risk appropriately.]

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