张尧浠：贸易局势缓和、金价高位调整待下半年拉升见顶

Core Viewpoint - Gold prices experienced volatility, starting at $3365.22 per ounce, reaching a high of $3414.41 before declining to a low of $3288.63, ultimately closing at $3305.77, reflecting a daily drop of $59.45 or 1.77% [1][2]. Market Influences - Hawkish comments from Powell limited bullish sentiment in gold, while positive trade news, including a breakthrough trade agreement between the U.S. and the UK, boosted market optimism [2][11]. - The Bank of England's 25 basis point rate cut pressured the euro and supported the dollar, contributing to gold's decline [2][11]. Technical Analysis - Gold is facing short-term moving average resistance, with indicators suggesting a potential for further declines to support levels of $3260 or $3160 [2][13]. - The monthly chart indicates a bullish trend, but the current price action suggests a potential for high-level consolidation or a peak if it fails to break above $3500 [13][15]. Future Outlook - The market is expected to remain in a range-bound adjustment phase until further bullish catalysts emerge, with geopolitical tensions and ongoing tariff policies providing some support for gold prices [11][13]. - The anticipated end of the rate cut cycle by the end of the year may reduce gold's attractiveness, leading to a potential peak and correction phase [11][15].