Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a total holding of 1,039.43 tons of gold, reflecting a decrease of 4.29 tons from the previous trading day, amidst fluctuating gold prices and changing market expectations regarding U.S. monetary policy [5]. Group 1: Gold ETF Holdings - As of November 20, the SPDR Gold Trust's holdings were 1,039.43 tons, down by 4.29 tons from the previous day [5]. - The total holdings have fallen below the 1,040-ton mark, indicating a reduction in investor interest during a period of price volatility [5]. Group 2: Gold Price Movements - On November 20, gold prices experienced significant fluctuations, reaching a high of $4,110.03 per ounce and a low of $4,038.82 per ounce, ultimately closing at $4,077.17, down by $0.57 or 0.01% [5]. - The price adjustments were influenced by a decline in expectations for further monetary easing by the Federal Reserve, particularly ahead of key employment data releases [5]. Group 3: Federal Reserve Influence - The release of the September non-farm payroll report showed an increase of 119,000 jobs, exceeding expectations, but the unemployment rate rose to 4.4%, the highest in four years, complicating the Fed's decision-making for December [6]. - Hawkish comments from Federal Reserve officials have contributed to a decrease in rate cut expectations, impacting gold prices negatively [7]. Group 4: Technical Analysis - Technically, gold is showing a sideways consolidation trend, with the 20-day moving average remaining above the 100-day and 200-day moving averages, but the overall upward trend appears to be stalling [7]. - Key support is identified around the $4,050 level, while resistance is noted between $4,100 and $4,150, with a decisive break above $4,150 needed to regain bullish momentum [8].
黄金ETF持仓量报告解读（2025-11-21）12月降息预期 抑制金价走势
Sou Hu Cai Jing·2025-11-21 04:09