金荣中国：现货黄金仍有承压表现，目前暂交投于4009美元附近

Fundamental Analysis - Gold prices experienced a significant drop, reaching a low of $3971.38 per ounce on October 27, marking a 3.2% decline for the day, closing at $3981.80 [1] - The decline in gold prices is attributed to reduced safe-haven demand due to easing U.S.-China trade tensions and complex expectations regarding the Federal Reserve's interest rate decisions and global economic outlook [1][3] - The U.S. dollar index fell by 0.11% to 98.84 on October 27, but gold prices did not benefit from this weakness, indicating a more pronounced decline in safe-haven demand [1] - The U.S. 10-year Treasury yield rose slightly to 3.997%, reflecting increased risk appetite among investors following positive developments in U.S.-China trade negotiations [3] - A framework agreement was reached between U.S. and Chinese negotiators, which includes provisions for China to purchase U.S. soybeans and a pause on rare earth export controls [3] - U.S. Treasury Secretary Mnuchin confirmed a preliminary consensus on suspending higher tariffs, boosting market confidence and leading to record highs in major U.S. stock indices [4] - The market anticipates a 98% probability of a 25 basis point rate cut by the Federal Reserve, which has already been priced in, limiting its direct support for gold prices [4][5] - Despite short-term pressures on gold prices, long-term factors such as geopolitical risks, inflation expectations, and monetary policy uncertainties continue to support gold's appeal [5] Technical Analysis - On the daily chart, gold prices closed with a bearish candle, indicating potential continued downward pressure, with a recent low of $3970 suggesting a test of the $3900 level may occur [8] - Short-term price movements have shown a negative trend after retreating from a high of $4380, with recent lows around $3970 indicating a possible stabilization [8] Trading Strategy - Short positions are recommended near $4080 with a stop loss at $4095 and targets set at $4035 and $4005 [9] - Long positions are suggested near $3985 with a stop loss at $3970 and targets at $4030 and $4080 [9]