Core Viewpoint - Gold has entered a rebound phase after experiencing its most severe pullback in decades, but fundamental factors remain unfavorable for price increases [1] Group 1: Market Analysis - The strong performance of the US ISM Manufacturing PMI, with the new orders index reaching its highest level since 2022, indicates potential pressure on gold prices [1] - There is a risk of further declines in gold prices despite the absence of a new wave of selling triggered by the PMI data, as the Federal Reserve focuses on the labor market and inflation [1] Group 2: Upcoming Data Impact - The market is anticipating the release of US ADP employment data and ISM Services PMI data, which could lead to a hawkish reassessment of interest rate expectations if the data is unexpectedly strong, putting additional pressure on gold [1] - Conversely, if the upcoming data shows weakness, it may allow for a continuation of gold's rebound and potentially break new highs while waiting for next week's non-farm payroll report [1]
机构：黄金跌幅已缩减一半 但再度下挫风险仍高
Sou Hu Cai Jing·2026-02-04 11:57