March 24 Precious Metals: A Technical Breather After Liquidity Crunch, Bearish Trend Unchanged

Core View: Yesterday, precious metals staged a 'V-shaped' reversal, but this was merely a short covering after the cooling of geopolitical risks, not a trend reversal. Against the macro backdrop of zero interest rate cut expectations from the Federal Reserve and the risk of renewed rate hikes, the liquidity squeeze in precious metals is not yet over.

Precise Point Judgement:

Gold (XAUUSD): Strong support below is in the $4,050 - $4,100 range. If it fails to hold the $4,300 level this week, it will accelerate the test of this range. Short-term rebound resistance is at $4,480; if it cannot hold this position, any rally is just a trap for the bulls.

· Silver (XAGUSD): Its industrial characteristics make it weaker, with key support at the $60.00 round number. Once it breaks below, it will open up new downward space.

Maintain a short-selling approach on rallies and do not mistake rebounds for reversals; the market is undergoing a brutal logic reconstruction from 'safe haven' to 'stagflation.'