On Tuesday (April 1), spot gold fluctuated narrowly at high levels, trading around 3125.44. Gold continued its strong trend on Monday, rising above $3120 per ounce, setting a new record high, as continued uncertainty in tariffs affected the stock market, bringing another round of safe-haven buying to the gold market, making gold prices the strongest quarterly performance since 1986.

Wall Street banks have raised their gold price expectations, citing trade war tensions and strong central bank demand. Goldman Sachs Group has significantly raised its gold forecast, expecting it to reach $4,500 by the end of the year. The bank's analysis pointed out that unexpected central bank demand and strong inflows of funds from gold-backed ETFs are the main factors supporting prices. The US March ISM Manufacturing PMI and US February JOLTs job vacancies will be released this trading day, and investors need to pay attention.

The gold 4-hour market shows a shooting star pattern. If it cannot refresh the high point of 3128, it is expected to fall back in the evening. If it breaks through 3128, then the upper side will continue to focus on the vicinity of 3138. Today is the closing day of the monthly line. I think the upper space is limited, at least the monthly line should also have an upper shadow line. Therefore, it is advisable to look for opportunities to short gold in the evening!

The gold 1-hour moving average is still a golden cross upward bullish arrangement, but the gold 1-hour high fell back, which suppressed the gold bulls. Then the gold is likely to start high-level fluctuations. If gold does not break through the new high, it will continue to rebound and go short. Long positions still need to wait patiently for the adjustment to end. On the whole, the short-term operation strategy of gold today is recommended to focus on callback long positions and rebound short positions. The upper short-term focus is on the 3155-3165 line resistance, and the lower short-term focus is on the 3130-3120 line support.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.