张尧浠：关税继续地缘风险仍在、金价走势前景仍看涨为主

Core Viewpoint - The outlook for gold prices remains bullish, supported by geopolitical tensions and inflationary pressures from U.S. tariffs, despite short-term fluctuations and potential resistance from U.S. interest rate policies [1][5]. Price Movements - On February 25, gold opened at $5143.28 per ounce, reached a low of $5120.96, and peaked at $5217.39 before closing at $5165.06, marking a daily fluctuation of $96.43 and a gain of $21.78, or 0.42% [3]. - The SPDR Gold Trust's holdings increased to 1097.62 tons, up by 3.43 tons from the previous trading day, indicating strong institutional confidence in gold's long-term value [6]. Market Influences - Technical support from moving averages and geopolitical tensions surrounding U.S.-Iran nuclear negotiations are contributing to gold's price support [3][5]. - The market anticipates that the Federal Reserve will maintain interest rates until at least June, with a potential rate cut of about 53 basis points expected later in the year, which supports a bullish gold market [5]. Technical Analysis - Gold prices are expected to maintain upward momentum, with key support levels at $5130 and $5080, and resistance levels at $5230 and $5300 [8][10]. - The monthly chart indicates that gold has rebounded after a dip, remaining above the 5-month moving average, suggesting a continuation of the bullish trend [9]. Future Outlook - The combination of tariff-induced inflation and ongoing geopolitical risks positions gold for a potential rise above $6000 in the coming year [6].