[Huaxi Securities: A New Round of Gold Market May Start Only When Fed Rate Cut Expectations Resume] Jin10 News, March 26 – Huaxi Securities pointed out that gold volatility has significantly expanded, and strict position control is still necessary. Gold's implied volatility has climbed continuously since last Thursday to 35, reaching the 99.4th percentile of historical highs since 2009. This is due to gold entering a sharp decline phase, awaiting a drop in volatility. From a longer-term perspective, the medium- to long-term logic supporting gold remains intact: on one hand, under the accelerated evolution of the geopolitical landscape, the marginal weakening of the U.S. dollar's credibility and the underlying logic of global central banks' 'de-dollarization' remain unshaken; on the other hand, the continuous rise in U.S. debt levels and the high dependence on loose monetary policy persist, meaning there is no foundation for a trend reversal in gold. The sharp correction in gold prices this time is more of a deep adjustment following previous overbought levels, and the subsequent bottoming and recovery process is expected to take a longer time. A new round of gold market may only start when expectations for Fed rate cuts resume.