March 26, 2026 – Gold's technical picture presents a complex oscillating pattern, with bulls and bears engaged in intense competition at key technical levels. From a daily timeframe perspective, gold prices are oscillating widely within the 4500-4620 USD/oz range, where 4530 USD constitutes the first support level and 4500 USD serves as strong support; upside resistance levels are at 4600 USD (first resistance) and 4620 USD (strong resistance).

From a longer-term technical pattern analysis, gold prices are currently in a deep correction phase since hitting the historical high of 5594.82 USD/oz in January 2026. In March, gold prices experienced an epic selloff, plunging over 10% in a single week, marking the largest decline since March 1983—a record in nearly 43 years. Technically, prices have entered bear market territory, with cumulative losses exceeding 25% from the peak.

Key technical level analysis shows:

- Extreme breakdown level: 4480 USD/oz; a break below will trigger an accelerated bearish signal

- Extreme breakout level: 4630 USD/oz; a breakthrough will confirm a continuation of the bullish trend

- 200-day moving average support: located in the 4600-4500 USD/oz range, coinciding with the previous oscillation platform

- Fibonacci retracement levels: 38.2% retracement near 4600 USD, 50% retracement near 4750 USD