张尧浠：地缘局势避险升温、金价保持反弹看涨前景

Core Viewpoint - The geopolitical situation is increasing demand for safe-haven assets, leading to a bullish outlook for gold prices, which have shown strong rebounds recently [1][3][8]. Market Performance - On May 20, gold prices opened at $3,230.66 per ounce, dipped to a low of $3,204.50, and then surged to a high of $3,295.52, closing at $3,289.70, marking a daily increase of $59.04 or 1.83% [1][3]. - The daily trading range was $91.02, indicating significant volatility and bullish momentum [1]. Geopolitical Influences - The announcement of new sanctions against Russia by the EU and the UK, along with tensions surrounding Iran, have heightened market concerns, driving up gold prices [3][8]. - Ongoing geopolitical risks, particularly in the Middle East, are expected to provide long-term support for gold prices [8]. Economic Indicators - The U.S. dollar index has fallen below short-term moving averages, which may provide further support for gold prices [3][8]. - Moody's downgrade of the U.S. sovereign credit rating and IMF's forecast of slower U.S. economic growth compared to global growth are contributing to a decline in the dollar's attractiveness [8]. Technical Analysis - Gold prices are currently above the 5-10 month moving averages and are showing signs of a potential upward trend, with a focus on the $2,900 to $3,500 range for future movements [10][12]. - The daily chart indicates a rebound from key support levels, suggesting a bullish outlook for the near term [12][13]. Trading Strategy - Suggested trading levels include support at $3,275 or $3,255 and resistance at $3,330 or $3,350 for gold [12]. - For silver, support is noted at $32.90 or $32.75, with resistance at $33.35 or $33.70 [12].