黄金，3900美元守不住！

Core Insights - The recent fluctuations in the gold market have led to significant buying activity, with some investors entering at high prices and facing potential losses [1][4] - The market has experienced a strong upward trend from August to October, but the current situation indicates a period of adjustment rather than a continuation of the bullish trend [3][7] - The Federal Reserve's recent interest rate decisions have influenced market sentiment, with a shift from dovish to hawkish stances impacting investor behavior [4] Market Trends - The gold price surged to $3,500 earlier this year, but subsequently dropped to $3,100, indicating a volatile market environment [2][7] - The current price range for gold is between $3,960 and $3,970, with critical support levels identified at $3,890 to $3,900 [7] - The market sentiment remains optimistic among many investors, which may suggest that the adjustment phase is not yet complete [7] Investor Behavior - Many retail investors are driven by fear of missing out (FOMO), leading them to buy at high prices despite the risks [3][4] - The psychological factors influencing investor decisions include the desire to avoid losses from missed opportunities and the pressure from seeing others profit [3] - The market is characterized by a learning curve, where investors either adapt and improve or continue to ignore risks [5]