黄金ETF持仓量报告解读（2025-11-28）美元温和反弹 金价守在高位

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, maintained its holdings at 1,045.43 tons as of November 27, 2025, amidst a holiday trading period that saw limited market activity and a slight decline in gold prices [7]. Group 1: Market Conditions - On November 27, gold prices fluctuated between $4,142.58 and $4,168.58 per ounce, closing at $4,157.22, down $6.56 or 0.16% [7]. - The U.S. market was closed for Thanksgiving, leading to reduced liquidity and a consolidation phase for gold prices [7]. - Despite a mild rebound in the U.S. dollar, gold prices remained supported by expectations of a Federal Reserve rate cut in December [7]. Group 2: Economic Indicators - Recent mixed signals from delayed U.S. economic data include stronger-than-expected non-farm payrolls, a soft core producer price index, optimistic durable goods orders, but weak retail sales and a slight increase in unemployment [7]. - Confidence in a December rate cut by the Federal Reserve has not diminished, with key officials expressing support for easing policies [8]. Group 3: Technical Analysis - Gold prices are currently testing the upper boundary of a symmetrical triangle pattern, with a key resistance level at $4,200 [9]. - If gold prices break above $4,200, it could open up further upside potential; however, failure to do so may result in continued consolidation within the triangle [9]. - Initial support is seen at $4,150, with stronger support in the $4,050-$4,070 range, coinciding with the 21-day moving average and the triangle's lower boundary [9].