突破整数关口后，金银去向何方？

Group 1: Report's Investment Rating for the Industry - No relevant content provided Group 2: Core Viewpoints of the Report - On January 26, gold and silver prices rose significantly, with Shanghai gold up 3.67% and Shanghai silver up 12.78%. London gold exceeded $5100/oz and London silver approached $110/oz. Geopolitical risks and the implied US dollar credit crisis are the driving factors [4]. - The uncertainty of the Fed chair nomination and independence risk are more important than the delayed rate - cut expectation. The market focuses on the Fed's independence as a new chair nomination nears [5]. - Short - term over - heating risk of gold and silver is increasing, and investors should pay attention to trading rhythm. The long - term upward trend is expected to continue, and the annual target range is raised [6]. Group 3: Summary by Related Content 1. Price Movement and Driving Factors - On January 26, gold and silver prices soared. Geopolitical conflicts in January, such as those between the US and South America, Europe, and Iran, led to a US dollar credit crisis, driving up precious metals. The US's actions around Greenland also affected the market [4]. 2. Fed - Related Factors - US economic data is resilient, and the expected Fed rate - cut is postponed to June. But the market focuses on the Fed's independence risk as a new chair nomination nears. Reed is the most likely nominee and his dovish remarks support long - term rate - cut expectations [5]. 3. Market Outlook and Target Range - Short - term over - heating risk of gold and silver is rising. If geopolitical issues ease or the Fed makes unexpectedly hawkish statements, short - term market adjustments may occur. The annual target range for spot gold is raised to $5900 - 6000/oz, and for spot silver to $120 - 150/oz [6]