On March 2, the surge in gold prices has only just begun. As noted last week, after gold stabilized above the 5,200 level, further significant gains were expected. Following a strong closing session last Friday, Monday's early trading session was projected to continue the upward momentum, a point also emphasized in the weekly review. Due to ongoing geopolitical tensions in the Middle East, expectations were set for gold to open higher and extend gains today, with a bullish outlook from the market open.

The pattern observed after the high-level consolidation closing on Friday, February 20, led to a sharp rally the following Monday, February 23. The current trend mirrors this pattern. After a strong rally last Friday, closing at the highest point, Monday's session opened with an immediate extension of gains. Technical aspects have been discussed repeatedly in prior analyses and will not be reiterated here.

Getting straight to the point, the strong closing at the end of last Friday’s session, combined with the outbreak of Middle East tensions, drove gold to open higher and extend gains, approaching the 5,400 level before pulling back. Currently, gold is testing the support level around 5,300 for the second time. As suggested over the weekend, the strategy was to adopt a bullish stance at the open, monitoring the early session low and the day’s relative high. With gold now in a pullback phase, focus remains on the 5,300 support level, treating the early session low as the intraday low. A long position is recommended based on this early low, with an optimistic outlook centered around the 5,300 level. A sustained break above the 5,400 area would warrant further long positions.