张尧浠：美CPI超预期走下降、金价后市仍具看涨前景

Core Viewpoint - The international gold market experienced slight gains last week, maintaining an upward trend above the 5-week moving average, indicating a bullish outlook for the future [1][3]. Price Movement - Gold opened the week at $4987.98 per ounce, reached a weekly high of $5119.05 on Wednesday, dipped to a low of $4878.77 on Thursday, and closed at $5042.63 on Friday, resulting in a weekly increase of $81.77 or 1.65% from the previous week's closing price of $4960.86 [1][3]. Influencing Factors - Geopolitical tensions initially drove gold prices higher, but comments from Federal Reserve officials downplaying the urgency of interest rate cuts and a White House official refuting employment concerns led to fluctuations in gold prices [3][5]. - The market's reaction to the January Consumer Price Index (CPI) data, which was below expectations, alleviated inflation concerns and reinforced expectations for potential interest rate cuts by the Federal Reserve [5][7]. Technical Analysis - On a monthly basis, gold prices rebounded after touching a support level, remaining within a new bullish market space and above the 5-month moving average, suggesting a continued bullish outlook [7]. - Weekly analysis indicates that gold prices maintained their upward trend despite reduced momentum and volatility, with expectations for new highs supported by the 5-week moving average [7][9]. - Daily charts show that while the rebound momentum has slowed, the overall trend remains upward, with key support levels identified at $4990 and $4930, and resistance levels at $5100 and $5150 [9].