刚刚，黄金、白银振幅缩减！

Core Viewpoint - The international precious metals market is experiencing a volatile phase, with gold and silver prices continuing to weaken after a significant adjustment last week, indicating a market sentiment focused on deleveraging and risk repricing [2]. Group 1: Market Performance - Gold prices saw a sharp decline, dropping approximately 4% during early Asian trading on Monday, breaking through several key technical support levels [5]. - Silver experienced an even larger drop, with intraday losses exceeding 10%, continuing the record single-day plunge from the previous trading day [5]. - The previous weeks' sustained upward trend in prices has rapidly reversed, shifting from a "short squeeze" rally to a "liquidation" sell-off, indicating a swift change in market dynamics [5]. Group 2: Price Drivers - The recent price increases in gold and silver were driven by multiple factors, including global investor concerns over currency credibility, persistent inflation, geopolitical risks, and fiscal deficits in major economies, which supported precious metals as a store of value [7]. - Expectations regarding the Federal Reserve's policy independence, future interest rate cuts, and potential liquidity conditions have also contributed to bullish sentiment in recent months [7]. Group 3: Margin Requirements and Market Pressure - A series of tightening margin adjustments by exchanges over the past three weeks has set the stage for last Friday's crash, with the CME Group adjusting margin requirements based on contract value, effectively capping leverage levels [8]. - The CME announced a second increase in margin requirements within 72 hours, raising gold futures margin from 6% to 8% and silver from 11% to 15%, which has led to significant pressure on high-leverage positions [8]. Group 4: Market Sentiment and Technical Analysis - The confirmation of Kevin Walsh's nomination as the next Federal Reserve Chair by President Trump has heightened market expectations for a more hawkish monetary policy, leading to a rapid increase in the dollar index and exerting direct pressure on dollar-denominated precious metals [9]. - Technical indicators showed that precious metals were significantly overbought prior to the decline, with gold's relative strength index (RSI) nearing 90, a level rarely seen in decades [10]. - The rapid price drop triggered a "gamma squeeze" in the options market, where market makers were forced to sell futures to hedge, further amplifying the downward momentum [10].