黄金反弹！鲍威尔讲话引发抛售，地缘风险成多头支撑

Core Viewpoint - Gold prices are experiencing short-term fluctuations but are expected to trend upwards in the long term due to various economic factors and geopolitical tensions [3][4]. Group 1: Market Dynamics - Gold prices rose slightly to around $3654.18 per ounce, breaking a two-day decline, after reaching a historical high of $3707.35 per ounce earlier in the week [1]. - The recent strong labor market data and comments from Federal Reserve Chairman Jerome Powell have led to a stronger dollar, putting pressure on precious metal prices [3][5]. - The Federal Reserve's decision to cut interest rates by 25 basis points was not unanimous, with some members advocating for a 50 basis point cut, indicating a potential for continued accommodative policy [3]. Group 2: Long-term Outlook - Despite short-term pressures, gold is expected to perform well in a low-interest-rate environment, as it is a non-yielding asset [4]. - A significant increase of 254% in gold exports from Switzerland to China indicates strong demand for gold [4]. - Geopolitical tensions in the Middle East, particularly regarding Israel's military actions, may further increase demand for gold as a safe-haven asset [4]. Group 3: Technical Analysis - Gold prices have rebounded above $3650, maintaining an upward trend, with a critical support level at $3600 [6]. - The next resistance levels are identified at $3674 and the historical high of $3707, with potential targets of $3750 and $3800 if these levels are breached [6]. - A drop below the September 11 low of $3613 could lead to a test of the $3600 support level [6].