华泰期货：黄金仍建议以逢低买入为主，但短期不排除出现进一步回调的风险

Group 1 - The extreme market conditions are influenced by the market's adjustment to the monetary policy stance of the new Federal Reserve Chairman, Walsh, raising concerns about a slowdown in monetary easing by 2026, which may pressure precious metal prices [1] - Gold has been perceived as a "risk asset" due to its significant price increase, leading to a strong demand for price correction, compounded by high levels of bullish trading that could trigger a sell-off if prices decline [1] - Silver follows a similar logic, with high bullish trading and previous price increases resulting in substantial unrealized gains, making it susceptible to a sell-off reaction in the event of price declines [1] Group 2 - In the long term, gold is expected to remain an irreplaceable asset for value preservation, with ongoing demand for dollar asset alternatives and existing risk premiums, suggesting a strategy of buying on dips [1] - Short-term risks of further price corrections for gold are acknowledged, while silver is advised to be approached with caution due to its high volatility [1]