April 2, 2026 Spot Gold Morning Analysis

Yesterday, gold prices moved sharply, with a slight pullback during the day to test lows, followed by a strong rally in the evening. Throughout the day, the bulls maintained absolute dominance, pushing prices higher. The overall candlestick was a large bullish candle, indicating a strong upward trend.

There were no particularly major unexpected news events in the market. The main focus is on tonight’s US initial jobless claims data, which could cause short-term volatility depending on the results. Additionally, the Middle East situation remains tense, and central banks continue to buy gold, supporting the price floor. In the short term, there’s no need to worry about a major drop; the market is generally cautious ahead of the data release.

Currently, gold is trading at a high level. Short-term support is around 4730-4740. A break below this level would signal further correction. Resistance is at the 4800 level. The overall trend remains upward, but after a significant rise in the short term, a consolidation or correction is likely, and prices won’t continue rising in a straight line.

Trading suggestion: wait for a pullback to stabilize at 4730-4740 before going long, with a stop loss at 4720. Target prices are 4780-4800. If broken, the upward move can continue toward 4830. Use small positions and set proper stop losses.

Note: Be cautious of technical corrections caused by the rapid previous gains.

The above is only personal advice for reference and does not constitute investment advice. Please follow Cheng Jingsheng and Shí Pán’s layout for specific strategies! $XAU ‌#XAU