东吴证券：黄金短期或存在回调风险

Core Viewpoint - The long-term bullish logic for gold remains intact, but there may be short-term pullback risks due to overbought conditions in the market [1] Group 1: Market Conditions - Gold is currently at an overbought level, with a 14-day RSI reaching 78, which is at a percentile level exceeding 90% over the past decade [1] - This overbought condition suggests that some investors may take profits and exit the market [1] Group 2: Trading Dynamics - Despite the extreme RSI readings, global ETF flows, as well as spot and futures positions, do not exhibit the same level of enthusiasm [1] - There are concerns that the short-term trading in gold may be overheated, indicating potential for a price correction [1]