宝城期货：技术突破与宏观面共振 沪金站稳千元延续上行趋势

Macro News - The ISM manufacturing index in the US for December 2025 decreased slightly from 48.2 to 47.9, marking the tenth consecutive month below 50 and the lowest level since October 2024. New orders have contracted for the fourth consecutive month, and export orders remain weak. Employment numbers have declined for eleven consecutive months [1] - The ISM services PMI index for December 2025 increased by 1.8 points to 54.4, the highest level since October 2024. The growth in new orders reached the largest increase since September 2024, while the pace of price increases slowed to the slowest in nine months [1] Employment Data - According to ADP data, private sector employment in the US increased by 41,000 in December, reversing the previous month's decline but falling short of market expectations. The JOLTS job openings for November 2025 dropped to 7.146 million, significantly below the expected 7.6 million, marking the lowest level since September 2024 [2] - The seasonally adjusted non-farm payrolls for December 2025 increased by 50,000, below the expected 60,000. The November data was revised down by 8,000 to an increase of 56,000, while October was revised from a decrease of 105,000 to a decrease of 173,000. The unemployment rate in December fell to 4.4%, below the expected 4.5% [2] Institutional Views - Last week, gold prices experienced fluctuations, with Shanghai gold surpassing the 1,000 yuan mark and New York gold exceeding 4,500 USD. The short-term macro atmosphere has cooled, leading to a general pullback in previously high-performing assets, which has increased the safe-haven demand for gold, providing support for gold prices [2]