总体来看，当前美国资金市场的流动性压力已大幅缓解，整体处于可控状态。若未来资金市场重现类似 2019年9月的极端情况，预计美联储将通过正回购等货币政策工具向市场注入流动性，以稳定市场预 期。 此外，随着12月1日美联储停止缩表，资金市场的流动性状况有望进一步改善。 摘要今日周日（11月23日）休市，现货黄金震荡下行，跌幅约0.60%，现徘徊于每盎司4050美元附近。 前一日其剧烈震荡，最终收报4077.17美元/盎司，周四最高冲至4110.03美元，最低跌至4038.82美元，此 前因延迟发布的9月非农数据带来的涨幅已全部回吐。当前金价较10月历史高点低约7.00%，2025年已 涨55%。9月非农超预期增69000人，失业率升至4.4%创近年新高，且七八月数据下修。此报告成美联储 12月初利率决议前最后参考。 今日周日（11月23日）休市，现货黄金震荡下行，跌幅约0.60%，现徘徊于每盎司4050美元附近。前一 日其剧烈震荡，最终收报4077.17美元/盎司，周四最高冲至4110.03美元，最低跌至4038.82美元，此前因 延迟发布的9月非农数据带来的涨幅已全部回吐。当前金价较10月历史高点低约7.00% ...

4小时昨日一波上涨，短线延伸性不足，昨日探高后回落至中轨附近震荡，4小时结构多空转换当中。目前的结构还是 处于小级别的上升当中，今日留意中轨的得与失，失守中轨也就是昨日低点才能转弱。否则短线还会继续保持这种拉 锯震荡。剖开短线的迂回反复，主思路还是围绕波段性高空看调整，此前布局的空单继续持有，空仓的今日围绕4200- 4230之间分批入场空单，每10-15美元分批入场，目标看回3880-3600。 消息面： 黄金昨日亚欧盘时段继续维持居高震荡，高点测压4245一线，晚间美政府结束停摆，以及美联储相关人员再放鹰派言 论，导致黄金出现大幅回落调整，先跌至4185附近后震荡，后半夜行情再度出现一波下砸，跌至4145一线，日线最终 收得一阴线。日线结构上来看，昨日黄金收阴，且整日波动幅度近100美金，幅度不算小，但是下方5日线尚未跌破， 这样的状态说明此前的市场偏激看涨情绪只是得到缓和，并没有完全丧失主导地位，或者可以视作为短线借着基本面 的机会进行回修调整，日内下方着重要关注5日线4160附近争夺情况，一旦行情跌回5日线下，那么黄金的偏激上涨情 绪或将消散，倘若美政府重新开门后，一系列的基本面事件和数据再能带来利空 ...

Core Viewpoint - The recent fluctuations in gold prices, including a drop to around $4090 per ounce, are viewed as normal technical corrections following a significant rise, with expectations for gold to challenge the $4200 per ounce mark in the near future [1][2]. Price Movements - Gold prices have recently surged from $4000 to nearly $4150 per ounce, marking a $150 increase without significant pullbacks [2]. - The largest gold ETF held 1046.36 tons as of November 11, with an increase of 4.30 tons from the previous day and a net increase of 7.16 tons for the month [1]. Technical Analysis - A breakthrough and stabilization above $4150 per ounce could lead to a target of $4200 or higher [3]. - Current technical indicators show a bullish trend, with the daily price stabilizing above the BOLL channel midline and signs of short-term upward movement [3]. Market Influences - The potential for a Federal Reserve interest rate cut in December is seen as a positive factor for gold, especially in light of recent employment data indicating increased layoffs [2][4]. - Geopolitical risks are also identified as potential catalysts for bullish movements in gold prices [4].

Group 1 - The current gold price is fluctuating around $3972 per ounce, having dropped slightly after reaching a high of $3990.24, with a 1.2% increase on Wednesday [1] - Strong ADP employment data and ISM non-manufacturing PMI have cooled expectations for a Federal Reserve rate cut in December, leading to a rise in the dollar index and U.S. Treasury yields [1] - The market is expected to remain volatile, with key focus on Federal Reserve officials' speeches and upcoming economic data releases [1] Group 2 - Gold is currently in a weak state, with a trading range identified between $3900 and $4050, and the market is awaiting the impact of non-farm payroll data [2] - Technical analysis indicates that gold's effective trading range is between $4020 and $3930, with key resistance at $3990 and support at $3955 [2] - Domestic gold prices have shown slight fluctuations, with Shanghai gold closing around 917 and accumulation gold at 911, suggesting a strategy of holding low positions or waiting for data impact [2]

Group 1 - International gold is currently trading around $3,945, with a slight increase of 0.21% as of the latest report, reaching a high of $3,949.19 and a low of $3,929.01 [1] - The market is expected to focus on the U.S. October ADP employment numbers and the ISM non-manufacturing PMI, with overall expectations being better than previous values, which could negatively impact gold prices [1] - Technical analysis indicates that gold prices may face selling pressure, with potential declines to $3,800 or even $3,700 unless there is a strong recovery above $4,100 [3][4] Group 2 - Ukraine plans to establish weapon export and joint production offices in Berlin and Copenhagen to raise funds for domestic weapon shortages [2] - The EU Commission has released its annual enlargement plan, highlighting significant progress for countries like Montenegro, Albania, Ukraine, Moldova, Serbia, North Macedonia, Bosnia, Turkey, and Georgia towards EU membership [2]

展望本周，投资者应关注美国ISM制造业和服务业PMI数据，以及ADP私营部门就业数据，同时英国央 行政策决定和密歇根大学消费者信心指数也将对黄金走势产生影响。Mhmarkets迈汇表示，短期内价格 或出现波动，但从季节性和基本面角度来看，黄金仍处于上行趋势中，投资者可在区间震荡中寻找布局 机会，重点关注3870至4100美元的关键支撑与阻力位。 上周黄金价格持续回落，但即便面临降息预期受阻以及中美贸易谈判带来的利好，黄金仍难以跌破每盎 司3900美元的心理支撑。Mhmarkets迈汇认为，当前市场虽然波动加大，但黄金的中长期支撑稳固，投 资者无需对短期下跌过于担忧。开周时，黄金以每盎司4104.84美元开盘，并短暂上探至周高位4110美 元后开始下滑。到北美市场开盘时，黄金已回落至4020美元，并在短时间内跌破4000美元大关，最终周 一上午11点触及3978美元的低点。 这一低点一直维持到晚间，黄金尝试突破4018美元未果后，再次出现快速下滑，最低跌至3886美元。 Mhmarkets迈汇认为，这主要反映了市场短期获利回吐以及避险情绪交织的结果。随后，黄金从低点展 开反弹，上周二下午1点回升至3969美元， ...

Group 1 - The article discusses the current trends in the international gold market, highlighting the fluctuations in prices and trading volumes [1] - It mentions the technical analysis of gold prices, particularly focusing on the 4-hour chart and the Relative Strength Index (RSI) indicators [1] - The analysis suggests potential trading opportunities based on the observed patterns in the gold market [1]

Group 1 - The core viewpoint of the article highlights the significant increase in global gold demand in Q3, driven by factors such as the Federal Reserve's interest rate cuts, U.S. government shutdown, and geopolitical tensions, with historical records being set [3] - The announcement of nuclear tests by U.S. President Trump, the first since 1992, adds strong support for gold prices [3] - The article notes a shift in market dynamics, with gold prices testing key resistance levels and showing signs of volatility, indicating a potential for further price fluctuations [4] Group 2 - Current resistance levels for gold are identified at 4046, with support seen at 3990, and critical mid-term support at 3920-15 [4] - The article suggests that breaking below the 3915-20 range could open up further downside potential, targeting the 3885-90 area [4] - Domestic gold markets, particularly Shanghai gold, have shown strong movements, with recommendations for buying at lower levels and targeting higher prices in the near term [4]

Core Viewpoint - The recent fluctuations in gold prices indicate a typical "high-level digestion phase" rather than a simple collapse, with current prices around $3940, down approximately 10% from the historical high of $4381.29 reached last week [1]. Group 1: Market Trends - Gold prices experienced a decline of nearly 1.3% on Tuesday, with a low point of $3886, marking a three-week low [2]. - The market is currently facing a conflict between rising risk appetite leading to a withdrawal of safe-haven funds and long-term factors such as the Federal Reserve's impending interest rate cuts, cooling employment, and slowing economic momentum, which continue to support gold prices [1]. Group 2: Technical Analysis - The current downward trend in gold prices is not yet over, with a potential target for adjustment around $3800, which aligns with the lower boundary of the daily range [2]. - Key resistance levels to watch in the short term are at $3972 and $4004, with a focus on maintaining short positions below $3960 [4]. - The 10-week moving average at $3830 may provide strong support before the Federal Reserve's interest rate decision [2].

Group 1 - The core viewpoint of the articles indicates that gold prices experienced a rebound after weaker-than-expected U.S. Consumer Price Index (CPI) data, but overall, the market is in a downtrend, ending a nine-week rally [1] - The expectation of a 25 basis point interest rate cut by the Federal Reserve during the upcoming monetary policy meeting on October 29-30 is reinforced by the weak inflation data [1] - Market sentiment has improved due to hopes of easing U.S.-China trade tensions, with confirmation that President Trump will meet with Chinese President Xi Jinping during the APEC summit on October 30 [1] Group 2 - Technically, gold shows initial signs of consolidation after a strong rebound, with a bearish short-term outlook as prices are currently below the 21, 50, and 100-period simple moving averages (SMA) on the 4-hour chart [1] - The wave structure indicates an ABC corrective pattern, with the current phase likely to unfold into a C-wave downward after confirming the high point of the B-wave [1] - On the 1-hour chart, gold is in a bottom consolidation phase after forming a double top at 4380, with resistance levels identified at 4160-4185 and support at around 4004 [3]