张尧浠：关税担忧加剧避险情绪、金价转强维持看涨上行

Core Viewpoint - The article discusses the strengthening of gold prices driven by increased risk aversion due to tariff concerns and geopolitical tensions, suggesting a bullish outlook for gold in the near term [1][5]. Market Performance - On February 23, gold opened at $5106.96 per ounce, reached a low of $5102.18, and then rebounded to a high of $5237.65, closing at $5227.40, marking a daily increase of $120.44 or 2.36% [3]. - The volatility for the day was $135.47 [3]. Geopolitical Factors - Trump's announcement of a temporary tariff increase to 15% has heightened risk aversion, leading to increased demand for gold [1][5]. - Despite signals of easing tensions between the U.S. and Iran, warnings from U.S. military leaders about the risks of conflict suggest that geopolitical risks will continue to support gold prices [3][5]. Economic Policy - The article notes that recent U.S. economic data has not significantly impacted interest rate cut expectations, with the Federal Reserve's leadership likely to favor low interest rates, which could support gold prices in the medium to long term [6]. - The potential for new national security tariffs on six industries by the Trump administration is expected to further increase market uncertainty and drive investment into gold [5]. Technical Analysis - Monthly and weekly charts indicate that gold prices are maintaining an upward trend, with support levels at the 5-week and 10-week moving averages [10]. - The article suggests that if gold prices experience a pullback, key support levels to watch are at $5190 or $5120 [11]. Future Outlook - The overall sentiment is bullish for gold, with expectations of continued upward movement and potential new highs throughout the year, driven by geopolitical tensions, tariff policies, and interest rate outlooks [6][8].