The international gold market displayed a pattern of slow decline with fluctuations on March 17. Unlike the previous sharp one-way drop, the day's movement was characterized by range-bound oscillations and a gradual downward trend. Bearish momentum was released moderately, without significant volatility, and both domestic and international varieties weakened in sync. By the close, gold prices were consolidating within the range of $4,966 to $5,030, gradually testing lower levels near $4,999. Intraday volatility narrowed, highlighting the slow decline pattern.

The core logic behind this oscillating decline lies in the gradual buildup of multiple bearish factors rather than a sudden concentrated outbreak. First, expectations for Federal Reserve interest rate cuts have continued to diminish. With the FOMC meeting approaching on March 19, market anticipation of the Fed maintaining high interest rates has strengthened, increasing the cost of holding gold and prompting a slow withdrawal of funds from the precious metals market. This gradual outflow, rather than concentrated selling, has resulted in a slower decline accompanied by oscillations. Second, profit-taking from earlier positions has occurred in phases without mass liquidation, while some bargain-hunting funds have entered briefly, creating consolidation that slows the pace of decline. Third, a slight rebound in the U.S. dollar index, rising oil prices pushing up inflation expectations, and weakening geopolitical risk aversion have collectively contributed to gold's gradual downward movement without a sharp breakdown.

From a technical perspective, the pattern of oscillating decline remains clear. On the daily chart, gold prices are in a bearish alignment, with the MACD indicator maintaining a bearish crossover while the green bars expand moderately, indicating a gradual release of bearish momentum. On the 4-hour chart, the Bollinger Bands are narrowing, with prices oscillating below the middle band. The RSI indicator fluctuates between 40 and 50, not yet entering oversold territory, and any rebounds have been weak and short-lived. Key short-term support is focused around $4,966, while resistance lies near $5,030, with the trading range gradually shifting lower. Overall, the oscillating decline is expected to continue, with close attention needed on developments from the Federal Reserve's meeting.

In summary, the strategy favors selling on rallies. For Tuesday, consider short positions near $5,050, with a stop-loss above $5,065, targeting $4,950. If prices extend downward to around $4,930, a brief long position may be considered as a counter-trade.