【金银分化加剧，流动性冲击主导短期】金十期货特约国信期货点评：近期策略仍以风险控制为核心，防守优先于进攻，进攻看黄金，防守看白银及全部小众品种。黄金短期或围绕3000美元/盎司震荡，沪金或跌破720元/克，较峰值回调约10%，但中期滞胀逻辑和美联储降息预期仍提供支撑动能，建议在700元/克下方分批布局，积极寻找大跌后的机会。四月需重点关注贸易战带来的预期差变化，本周美联储即将公布的3月货币政策会议纪要以及多国启动的反制关税措施均可能带来较大波动，极端行情下建议交易者保持冷静，重仓客户应将仓位降至 30% 以下以应对单边暴跌风险，同时，继续优先持有黄金以对冲巨震风险，白银维持波段交易策略。
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