金荣中国：现货黄金继续震荡于本周区间内展开争夺

Core Viewpoint - The recent fluctuations in gold prices are significantly influenced by market reactions to U.S. President Trump's comments regarding Federal Reserve Chairman Jerome Powell, alongside economic indicators such as the Producer Price Index (PPI) and the overall monetary policy outlook [1][2][4][5]. Fundamental Analysis - Gold prices experienced dramatic volatility, initially dropping to $3319.58 per ounce due to a strong dollar, before surging over $50 to reach a three-week high of $3377.17 following news of Trump's potential dismissal of Powell [1][2]. - Trump's subsequent denial of the dismissal plan led to a narrowing of gold's gains, closing at $3347.38, up 0.68% [2]. - The U.S. dollar index fell by 0.25% to 98.34, influenced by Trump's comments, which alleviated concerns over the dollar's credibility [1]. - The U.S. bond market reacted similarly, with the 30-year Treasury yield peaking at 5.08% before settling at 5.014%, while the 10-year yield fell to 4.466% [1]. - The June PPI data showed no month-over-month increase, contrasting with a 0.3% rise in May, indicating subdued inflationary pressures that support gold prices [4]. - Year-over-year, the PPI increased by 2.3%, suggesting ongoing inflation concerns, particularly due to tariffs [4]. - The Federal Reserve's monetary policy remains a critical factor for gold prices, with expectations of potential interest rate cuts influenced by inflation forecasts and economic growth projections [5]. Technical Analysis - Gold prices are currently oscillating within a key trading range of $3300 to $3360, indicating ongoing market contention [7]. - Short-term movements have seen gold test lower levels before rebounding, suggesting a potential for further volatility as traders await a breakout direction [7].