张尧浠：非农及指数调整来袭、金价多头风险与机会并存

Core Viewpoint - International gold prices showed a recovery after hitting a low, indicating potential for further strength despite short-term fluctuations [1][3][5]. Price Movement - Gold opened at $4459.68 per ounce, fluctuated to a low of $4407.55, and closed at $4477.11, with a daily range of $71.65 and a gain of $17.43, or 0.39% [1]. - The market experienced pressure from increased margin requirements for precious metals futures and better-than-expected initial data, but support buying helped gold recover [3]. Market Outlook - The outlook remains bullish with a target of $5000 or higher, despite potential short-term pressures from upcoming employment data and the Bloomberg Commodity Index rebalancing [5][6]. - Geopolitical risks and expectations of multiple interest rate cuts by the Federal Reserve continue to support a bullish sentiment [6]. Technical Analysis - Monthly and weekly charts indicate a strong upward trend, with potential for over 30% gains if the price maintains above key support levels [8][9]. - Key support levels for gold are identified at $4445 and $4420, while resistance levels are at $4500 and $4525 [10]. Conclusion - The overall sentiment in the gold market remains positive, with expectations of further price increases driven by geopolitical factors and monetary policy [6][8].