张尧浠：中东局势持续短期难解、金价反弹走强仍具看涨

Core Viewpoint - The geopolitical situation in the Middle East remains unresolved in the short term, contributing to a bullish outlook for gold prices, which have rebounded significantly [1][8]. Market Performance - Last week, international gold prices opened at $3311.77 per ounce, reached a low of $3293.69, and then rebounded to a high of $3446.53, closing at $3433.74, marking a weekly increase of $121.97 or 3.68% [1][3]. - The weekly price fluctuation was $152.84, indicating strong volatility in the gold market [1]. Influencing Factors - The decline in the US dollar index provided support for gold prices, driven by technical buying and increasing geopolitical tensions, which heightened market demand for safe-haven assets [3][7]. - The US Consumer Price Index (CPI) for May was lower than expected, enhancing the prospects for interest rate cuts, further supporting gold prices [3][7]. Technical Analysis - The monthly chart indicates that despite recent volatility, gold prices remain above the 5-month moving average, maintaining a bullish trend since last year [10]. - The weekly chart shows that gold prices have been consistently moving higher, with the potential to reach $3500 or $3545 in the near future [11][13]. Future Outlook - The ongoing geopolitical risks, particularly in the Middle East, along with concerns over tariffs and economic conditions, are expected to sustain demand for gold as a hedge against inflation [7][8]. - The market anticipates continued upward movement in gold prices, supported by both technical indicators and fundamental factors [8][10].