Core Viewpoint - U.S. stock futures showed a slight increase as the Federal Reserve's two-day meeting is set to begin [1] Group 1 - The movement in U.S. stock futures indicates market anticipation ahead of the Federal Reserve's policy discussions [1]

Group 1 - The current spot gold price has slightly retreated, trading at $4,201 per ounce in London and $4,241 per ounce for U.S. gold [1] - Domestic gold prices have fluctuated, with brands like Chow Tai Fook and Chow Hong Ki offering gold jewelry at 1,328 yuan per gram, while other brands have seen minor price adjustments [1] - The gold recycling price is at 937 yuan per gram, with Industrial and Agricultural Bank gold bars priced at 972.23 yuan and 981.35 yuan respectively, indicating real-time price changes [1] Group 2 - Key factors supporting the high volatility of gold prices include weak U.S. ADP employment data, rising expectations for Federal Reserve interest rate cuts, and a weakening dollar [3] - Upcoming economic indicators such as the PCE inflation data and the Federal Reserve meeting next week are critical events that could trigger significant market movements [3]

Core Viewpoint - The gold market is experiencing fluctuations, with prices remaining above 4200, influenced by weak U.S. employment data and expectations of Federal Reserve rate cuts, while silver shows strong performance, reaching new highs [1] Group 1: Market Performance - Gold prices fluctuated, reaching a high of 4241 before closing near 4203, indicating a potential consolidation phase [1] - Silver prices have been strong, hitting 58.95, providing support for gold and reflecting market expectations for a rate cut by the Federal Reserve [1] - The U.S. labor market's unexpected decline and clear signals of a more accommodative Federal Reserve policy have contributed to the rise in silver and the potential for gold to gain momentum [1] Group 2: Technical Analysis - Short-term support levels for gold are identified at 4193, with further support at 4175 and 4163, while resistance is noted at 4245 and 4265 [2][5] - The market is currently in a significant support zone, indicating a potential for correction and further testing of lower levels [2] - Recent trading patterns show a lack of continuation, with frequent high-to-low reversals, suggesting insufficient bullish momentum [2]

Core Viewpoint - The Federal Reserve's Jefferson indicated uncertainty regarding the amount of official data to be released before the upcoming meeting [1] Group 1 - The Federal Reserve is preparing for an upcoming meeting where the release of official data is anticipated [1] - There is currently no clarity on the specific data that will be published prior to the meeting [1]

Core Insights - The US dollar experienced a slight rebound after a decline due to weak labor market data [1] - In October, US companies laid off over 150,000 employees, marking the largest monthly layoffs since 2003 [1] - The market is increasingly reliant on private data due to the absence of official data during the US government shutdown [1] - Jefferies economist Mohit Kumar noted that the outcome of the December Federal Reserve meeting is highly uncertain and largely dependent on labor market performance [1]

Core Viewpoint - Federal Reserve official Goolsbee believes that interest rates will eventually stabilize at a level significantly lower than the current one [1] Group 1 - The next actions of the Federal Reserve have not yet been decided, indicating uncertainty in monetary policy direction [1] - The threshold for rate cuts is currently higher than in the previous two Federal Reserve meetings, suggesting a more cautious approach to easing [1]

Core Viewpoint - The Federal Reserve's September meeting resulted in a 25 basis point reduction in interest rates, lowering the key Fed Funds rate to a range of 4.00-4.25% [1] Group 1: Interest Rate Changes - The Federal Open Market Committee (FOMC) decided to cut interest rates by 25 basis points [1] - The new Fed Funds rate is now set between 4.00% and 4.25% [1]

Group 1: Report Core View - The lead price is fluctuating without an obvious driving force [1] Group 2: Industry Data Summary Futures Price - The closing price of the main Shanghai lead futures contract was 17,055 yuan/ton, down 0.61% from the previous day; the closing price of the LME lead 3M electronic disk was 2,001.5 dollars/ton, down 0.87% [1] Trading Volume - The trading volume of the main Shanghai lead futures contract was 54,978 lots, a decrease of 3,688 lots; the trading volume of LME lead was 5,516 lots, a decrease of 964 lots [1] Open Interest - The open interest of the main Shanghai lead futures contract was 45,095 lots, a decrease of 1,961 lots; the open interest of LME lead was 165,625 lots, a decrease of 277 lots [1] Premium and Discount - The premium of Shanghai 1 lead was 0 yuan/ton, an increase of 25 yuan/ton; the LME CASH - 3M premium was -48 dollars/ton, a decrease of 2.5 dollars/ton [1] Import Profit and Loss - The spot import profit and loss of lead ingots was -363.9 yuan/ton, a decrease of 23.07 yuan/ton; the import profit and loss of Shanghai lead continuous three was -472.56 yuan/ton, a decrease of 94.45 yuan/ton [1] Inventory - The inventory of Shanghai lead futures was 59,417 tons, unchanged; the LME lead inventory was 227,850 tons, an increase of 2,225 tons [1] Other Prices - The price of waste electric vehicle batteries was 9,975 yuan/ton, an increase of 25 yuan/ton; the price of recycled refined lead was 16,875 yuan/ton, a decrease of 25 yuan/ton [1] Other Data - The comprehensive profit and loss of recycled lead was -19 yuan/ton, a decrease of 67 yuan/ton; the LME lead cancelled warrants were 29,350 tons, a decrease of 3,400 tons [1] Group 3: News Summary - The US Treasury Secretary said that the Fed has been lagging in response, and the market is digesting the expectation of a 75 - basis - point interest rate cut from now to the end of the year [2] - US retail sales in August increased by 0.6% month - on - month, exceeding expectations for three consecutive months, and real retail sales have increased for 11 consecutive months [2] - The lead trend strength is 0, indicating a neutral view [2]

Core Viewpoint - The upcoming Federal Reserve meeting is anticipated to be highly unusual, with significant discussions expected regarding interest rate cuts [1] Group 1 - The meeting is described as potentially the strangest in years, indicating a departure from typical proceedings [1]

Group 1: Gold Market Analysis - The current price of spot gold is around $3680 per ounce, having reached a historical high of $3685.47 per ounce due to a weaker dollar and declining U.S. Treasury yields [2][4] - The upcoming Federal Reserve meeting is expected to set the tone for the remainder of the year, influencing gold prices [2] - Technical analysis indicates that gold remains strong as long as it stays above the 5-day moving average, with potential resistance levels at $3686, $3704, and $3746 [4] Group 2: Oil Market Analysis - The price of U.S. crude oil is trading at approximately $63.32 per barrel, influenced by geopolitical events such as drone attacks on Russian refineries and U.S. pressure on NATO countries regarding Russian oil purchases [5] - The oil market is currently in a weak and volatile state, with prices fluctuating within a range of $61.20 to $64.40, indicating a lack of strong directional movement [5] - Short-term trading strategies suggest focusing on selling during price rebounds and buying on dips, with key resistance at $64.5-$65.5 and support at $62.0-$61.0 [5]