#鲍威尔鸽派发言重燃降息预期 Today (April 1st), gold prices oscillated at high levels in the morning session. In the short term, the strategy is mainly to buy on dips, cautiously chasing highs; physical gold is purchased in batches as needed, while investment products wait for non-farm payroll guidance.

📊 Market Overview Today

- London Gold Spot: approximately $4,679/oz, down slightly by 0.35% intraday, after an early rally, it pulled back to digest overbought conditions;
- Shanghai Gold Main Contract: approximately ¥1043/gram, up 2.19%, domestic prices rose in sync but with slightly less volatility;
- Physical Gold: major jewelry brands like Chow Tai Fook priced around ¥1395-¥1448/gram, bank investment gold bars around ¥1032-¥1066/gram.

🎯 Core Drivers and Key Levels

- Core Drivers: Fed signals dovish stance, geopolitical tensions escalate, central bank gold purchases and supply-demand gaps support the bulls; tomorrow’s non-farm payroll data is a key short-term indicator.
- Key Levels (London Gold): support at 4640-4630, the watershed at 4600; resistance at 4700, a breakout targets 4730-4750.
- Domestic (Shanghai Gold): support at 1020-1025, resistance at 1045-1050.

💡 Trading Recommendations for Different Groups

- Short-term Speculators: buy on dips around 4640-4630 with a stop below 4600, target 4688-4700; lightly short near 4700 with a stop at 4725, aiming for 4660-4640, quick in and out.
- Medium to Long-term Positioning: add in batches around 4600 with a stop at 4550, target above 4800; the bullish outlook remains unchanged, focus on the rate cut cycle from June to September.
- Physical Gold Demand: for weddings/gifts, buy in small batches to avoid full positions at high levels; for investment gold bars, wait until after non-farm payroll data, and re-enter if a pullback occurs due to data.

⚠️ Risk Reminder

Today is the first trading day of April, market volatility may increase. If tomorrow’s non-farm payroll data exceeds expectations, it could reprice rate cut expectations, causing gold prices to pull back. It is recommended to control positions and strictly set stop-losses.