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Core Viewpoint - The gold market is experiencing a "high rebound and stabilization" pattern, with spot gold struggling to break the key resistance level of $3,760 per ounce, ultimately closing at $3,749.05 per ounce, a slight increase of 0.35% from the previous day [2]. Group 1: Support Factors - Central bank liquidity release provides a buffer, with the People's Bank of China conducting a 600 billion yuan one-year MLF operation, signaling a commitment to stabilize growth and indirectly lowering the cost of holding gold [3]. - The trend of central banks in emerging markets continuing to purchase gold is expected to lead to over 1,000 tons of gold bought globally in 2024, with this trend persisting into 2025, providing fundamental support for gold prices [3]. - The physical consumption market is showing resilience, with leading domestic gold retailers like Chow Tai Fook and Lao Feng Xiang raising prices to 1,098 yuan per gram and surpassing 1,100 yuan per gram respectively, indicating strong consumer demand despite high gold prices [4]. Group 2: Pressuring Factors - The Federal Reserve's hawkish signals are causing market fluctuations, with mixed expectations regarding potential interest rate cuts in November, leading to a short-term stabilization and rebound of the US dollar index, which suppresses upward movement in gold prices [5]. - Technical resistance is significant at the $3,760 per ounce level, which coincides with a Fibonacci retracement level since gold's rise from $3,300, compounded by selling pressure from previously trapped positions [6]. - The low level of 550,000 open contracts in COMEX gold indicates that institutional funds are adopting a wait-and-see approach regarding breaking through key price levels, lacking the momentum to push gold prices higher [6]. Group 3: Market Outlook - The market is expected to remain in a strong oscillation pattern due to the interplay of bullish and bearish factors [7].