Sou Hu Cai Jing·2025-07-01 16:05Group 1 - The article discusses the recent fluctuations in gold prices, indicating a potential false breakout and the importance of moving averages in determining market trends [4][6] - HSBC's report analyzes the driving forces behind gold's price movements, suggesting that while geopolitical risks and central bank demand support high prices, weakening physical demand and increasing supply may pressure prices in the future [8][10] - The report forecasts a trading range for gold prices in 2023 between $3,100 and $3,600 per ounce, with expectations of challenges in maintaining upward momentum due to various economic factors [8][10] Group 2 - The article highlights that gold's price failed to break the April high of $3,500 per ounce, indicating that the market may have fully priced in geopolitical risks [10] - The commentary suggests that the market's reaction to geopolitical events may have reached a saturation point, requiring more significant events to drive prices higher [10] - Upcoming events, such as the U.S. non-farm payroll data release, are expected to influence market sentiment and gold price movements, with a focus on the timing of potential Federal Reserve interest rate cuts [11]