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April 2, 2026 Spot Gold Midday Analysis
This morning, gold surged to 4800 in the Asian session but then plummeted, reaching a low of 4585. The current midday price is around 4600, down more than 3.9% intraday, with a sharp and weakening decline.
The market shift was directly caused by Trump’s remarks this morning—he claimed a "quick and decisive victory" in the Iran conflict, instantly clearing risk aversion in the Middle East. Coupled with the delay in Fed rate cut expectations, the dollar and U.S. Treasury yields surged, leading to a frantic sell-off of gold and a complete collapse of the bullish logic.
Breaking below the key support at 4700, the short-term trend has fully turned bearish. Currently, 4585 is a minor support; a break below could target 4550-4520. Resistance on the rebound is at 4630-4650.
Midday trading advice: Do not chase the bottom. Wait for a stable rebound at 4520-4550 before lightly trying long positions, with a stop-loss at 4500.
The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng’s layout for specific strategies!!$XAU #XAU