Core Viewpoint - The gold market is currently experiencing a lack of significant bullish factors, leading to a potential continuation of a volatile trading environment until the end of the year [1][2][3] Group 1: Market Analysis - Everbright Futures indicates that the prolonged U.S. government shutdown could have a significant economic impact, causing financial market unease and contributing to a stronger U.S. dollar, which has led to declines in gold and other assets [1] - Jinrui Futures notes that the ongoing U.S. government shutdown is siphoning market liquidity, putting pressure on gold and silver prices, although long-term drivers such as sovereign debt issues and geopolitical risks remain intact [2] - UBS suggests that the recent pullback in gold prices may be temporary, maintaining a target price of $4,200 per ounce, with potential for prices to rise to $4,700 if geopolitical risks escalate [3] Group 2: Technical Indicators - Guoxin Futures highlights that the divergence in Federal Reserve policies has weakened expectations for interest rate cuts, resulting in a strong dollar that pressures dollar-denominated precious metals [2] - Technical analysis indicates that gold has broken below the critical support level of $4,000 per ounce, with the next support level potentially moving to the $3,900-$3,950 range [2] - State Street's Aakash Doshi anticipates that gold prices will consolidate below the $4,000 resistance level, with a normal consolidation phase expected in the long-term bull market [3] Group 3: Investment Outlook - Despite recent outflows from global gold ETFs, there remains unprecedented investor demand for gold, with expectations of new highs in ETF holdings by Q1 2026 [3] - The long-term core drivers for gold and silver prices remain robust, with Jinrui Futures asserting that short-term corrections will not alter the overall upward trend [2] - State Street projects that a price of $5,000 per ounce is a reasonable target, with any pullbacks expected to be relatively minor due to strong fundamental support [3]
机构看金市：11月5日
Xin Hua Cai Jing·2025-11-05 03:44