获利了结引发金价跳水，短期波动加大，黄金行情尚未结束

Core Viewpoint - Gold prices continued to fluctuate on December 2, influenced by profit-taking, with COMEX gold futures dropping to $4,194 before slightly recovering, closing down 0.84% at $4,238.70 per ounce [1] Group 1: Market Performance - COMEX gold futures experienced a significant intraday volatility of over $70, closing at $4,238.70 per ounce [1] - The China Gold ETF (518850) fell by 0.48%, while the Gold Stock ETF (159562) decreased by 1.24% [1] Group 2: Economic Indicators - Recent data indicates a gradual cooling of the U.S. economy, coupled with dovish signals from Fed officials, which has heightened market expectations for a 25 basis point rate cut in the upcoming Fed meeting [1] - Traders are currently pricing in a 89% probability of a rate cut [1] Group 3: Future Outlook - Analysis from Chaos Tiancheng Futures suggests that gold prices are expected to trend upward due to a contraction in dollar credit and the onset of a rate-cutting cycle, alongside weakening expectations for the dollar index and U.S. Treasury yields [1] - The overall trading direction for next year is anticipated to be significantly influenced by macroeconomic changes, with the current narrative indicating that the bull market has not yet reached its end, maintaining investment value despite the need for caution regarding potential shifts in high-level macro narratives [1]