金荣中国：现货黄金延续隔夜反弹空间，重新尝试挑战5200关口

Fundamental Analysis - Gold prices experienced a significant pullback on February 24, dropping nearly 2.5% to around $5094 per ounce, closing at $5141.43, marking a decline of approximately 1.65% after four consecutive days of gains. This adjustment was primarily due to profit-taking and a strengthening U.S. dollar, which pressured gold prices lower. However, buying interest at lower levels provided some support [1][3] - The recent high points in gold prices led some holders to lock in profits, resulting in increased selling pressure. This typical profit-taking behavior after rapid price increases weakened gold's short-term upward momentum. Additionally, hawkish statements from Federal Reserve officials bolstered the U.S. dollar, further exacerbating gold's relative weakness. Gold, priced in dollars, typically shows a negative correlation with the dollar index, facing adjustment pressure when the dollar strengthens [3] - Despite a slowdown in global central bank gold purchases in recent months, Société Générale maintains an optimistic outlook, expecting official demand to gradually recover in the spring. Their latest report emphasizes gold's unique position in central bank balance sheets, highlighting its role as a strategic anchor rather than a conventional reserve asset. The report notes that gold's share in global foreign exchange reserves is expected to remain significant, especially as official gold reserves have recently surpassed U.S. Treasury holdings for the first time since 1996. In the context of rising global sovereign debt and ongoing geopolitical risks, gold's appeal as a "trust anchor" is increasingly pronounced [4] Technical Analysis - On the daily chart, gold prices recorded a bearish close, retracing some recent gains but still maintaining a bullish outlook, with potential to challenge levels above 5230. The short-term trend has shown a bullish momentum since the low of 4840, breaking above 5100, and currently, prices are stabilizing around the 5100 mark, approaching 5200 [6] - Traders are advised to monitor support levels above 5150, with a focus on taking long positions. The upper resistance levels are identified around 5220 and 5280 [6]