金价延续震荡，黄金ETF华夏（518850）盘中跌幅收窄，机构：金价将在宽幅区间波动整理

Core Viewpoint - The gold market is experiencing significant volatility, with COMEX gold futures prices fluctuating around $4,805, reflecting a transition from a "myth" to an "accident" due to extreme prices, crowded trades, and high leverage under a shifting macro narrative [1] Group 1: Market Performance - As of 14:30, the performance of various ETFs shows a narrowing of declines: the Huaxia Gold ETF (518850) down 2.81%, the Non-ferrous Metals ETF (516650) down 4.71%, and the Gold Stock ETF (159562) down 5.13% [1] Group 2: Price Drivers - Short-term price drivers include the ongoing release of liquidity pressure, further assessment of the Fed's policy stance, and the extent of technical selling [1] - The market is expected to engage in intense battles and volatile consolidation within a wide range [1] Group 3: Long-term Factors - Despite short-term challenges, long-term structural factors driving gold—such as profound changes in the global political and economic landscape and potential restructuring of the monetary system—remain intact [1] - February is anticipated to be a difficult tug-of-war between short-term liquidity pain and long-term value belief [1] Group 4: Investor Guidance - Participants are advised to maintain respect and patience amid volatility and to adhere to clear risk discipline during chaotic expectations, which is crucial for navigating the current cycle [1]