Report Industry Investment Ratings - **Macro Finance**: Index - defensive wait - and - see; Treasury bonds - short - term optimistic, currently in a volatile state [1][5] - **Black Building Materials**: Rebar - temporary wait - and - see; Iron ore - temporary wait - and - see; Coking coal and coke - volatile operation [1][7][8] - **Non - ferrous Metals**: Copper - cautious trading within a range; Aluminum - light - position short - selling recommended; Nickel - wait - and - see or short - selling on rallies; Tin - weakly volatile; Gold - trading within a range; Silver - trading within a range [1][11][15] - **Energy and Chemicals**: PVC - weakly volatile; Soda ash - short - selling strategy for the 01 contract; Caustic soda - weakly volatile; Styrene - weakly volatile; Rubber - weakly volatile; Urea - weakly volatile; Methanol - weakly volatile; Polyolefins - wide - range volatility [1][20][22] - **Cotton Textile Industry Chain**: Cotton and cotton yarn - volatile rebound; Apples - volatile operation; PTA - range - bound volatility [1][33][34] - **Agricultural and Livestock**: Pigs - short - selling on rallies; Eggs - short - selling on rallies; Corn - operating within the range of [2300, 2360]; Soybean meal - short - term operation within the range of [2900, 3000], long - term buying on dips; Oils - short - selling on rallies [1][35][40] Core Views - Overall, the market is affected by multiple factors such as international politics, trade policies, and supply - demand fundamentals. Most varieties are in a volatile state, and investors need to pay attention to various factors and adjust their investment strategies accordingly. For example, the impact of US economic data and tariff policies on the financial and commodity markets, and the influence of supply - demand relationships on the prices of various commodities [5][21][36] Summary by Category Macro Finance - **Index**: Due to factors such as weak US economic data, geopolitical issues, and tariff disturbances, the index is expected to continue its structural market of volatility and sector rotation before the trading volume effectively increases [5] - **Treasury Bonds**: The bond market is currently in a low - volatility environment, driven by news. The pattern of trading based on NCDs may continue. It is recommended that allocation portfolios buy on dips, while trading portfolios have limited short - term operation space [5] Black Building Materials - **Rebar**: Although the price rebounded on Wednesday due to the increase in coking coal prices, the demand is expected to weaken seasonally. The supply is expected to decrease slightly, and the inventory may accumulate slightly. The price is expected to be weakly volatile in the short term [7] - **Iron Ore**: The disk is volatile and strong. The supply and demand fundamentals have little impact, and it is mainly affected by macro news. The port inventory is expected to continue to decline, and the disk is expected to be volatile [7][8] - **Coking Coal and Coke**: The coking coal market is affected by factors such as safety inspections and weak demand, and the price may be weakly volatile. The coke market has not resolved its supply - demand contradictions, and the price still has downward pressure [8][9] Non - ferrous Metals - **Copper**: The macro - level disturbances are weakening, but the mine - end disturbances continue. The supply shortage pressure is difficult to change, and the consumption is relatively stable. The price is expected to be volatile before the holiday [11] - **Aluminum**: The supply of bauxite is currently loose, but the impact of mine - end disturbances will gradually appear. The demand is weakening, and the price is expected to be weakly volatile in the short term [13] - **Nickel**: The cost is firm, but the medium - and long - term supply is excessive. The price is expected to be weakly volatile, and interval trading is recommended [15][16] - **Tin**: The supply and demand gap is improving, but it is affected by US tariff policies. The price is expected to be volatile, and interval trading is recommended [17] - **Gold and Silver**: Affected by factors such as US tariff policies, inflation data, and central bank policies, the prices are expected to be strongly volatile, and cautious interval trading is recommended [18][19] Energy and Chemicals - **PVC**: The supply is under pressure, the demand is insufficient, and the inventory is high. The price is expected to be weakly volatile, and attention should be paid to tariff negotiations and domestic stimulus policies [20][21] - **Caustic Soda**: The supply is relatively sufficient in the medium term, and the demand increment is limited. The price is expected to be weakly volatile, and attention should be paid to factors such as alumina production and maintenance [22][23] - **Styrene**: The supply is expected to increase, the demand is in the off - season, and the price is expected to be weakly volatile, and attention should be paid to factors such as crude oil prices and pure benzene imports [24][25] - **Rubber**: The demand has not improved significantly, and the price is expected to be weakly volatile, and attention should be paid to inventory and downstream demand [26][27] - **Urea**: The supply is high, the demand is limited, and the price is expected to be weakly volatile, and attention should be paid to factors such as coal prices and fertilizer demand [28][29] - **Methanol**: The supply is relatively abundant, and the demand is relatively stable. The price is expected to be weakly volatile, and attention should be paid to factors such as coal prices and methanol - to - olefins start - up rates [30][31] - **Polyolefins**: The supply pressure is increasing, and the demand is in the off - season. The price is expected to be widely volatile, and attention should be paid to factors such as new capacity investment and downstream demand [31][32] - **Soda Ash**: The supply is increasing, the downstream demand is weak, and the price is expected to be weakly volatile. A short - selling strategy for the 01 contract is recommended [32] Cotton Textile Industry Chain - **Cotton**: Although the global supply - demand is still loose, the progress of Sino - US trade negotiations is expected to drive the price to rebound [33] - **Apples**: The market is stable, and the price is expected to be volatile [33] - **PTA**: Affected by the decline in crude oil prices and the weakening of downstream demand, the price is under short - term pressure and is expected to be range - bound [34] Agricultural and Livestock - **Pigs**: The supply is increasing, and the demand is in the off - season. The price is expected to be weakly volatile in the short term. It is recommended to short - sell on rallies [35][36] - **Eggs**: The short - term demand is weak, and the medium - term supply is expected to increase. It is recommended to short - sell on rallies [37][38] - **Corn**: The short - term price has support, and the medium - and long - term supply - demand is tightening, but the price increase is limited by substitutes. It is recommended to buy on dips within the range [39][40] - **Soybean Meal**: The short - term supply is increasing, and the price is expected to be range - bound. The medium - and long - term price is expected to be strong due to cost and weather factors. It is recommended to operate within the range in the short term and buy on dips after mid - June [40][41] - **Oils**: Different oil varieties have different supply - demand situations. The short - term prices are expected to be range - bound, and interval trading is recommended. The strategy of expanding the spread of some varieties is temporarily suspended [41][46]

Report Summary 1. Report Industry Investment Ratings No information provided on industry investment ratings in the given reports. 2. Core Views - **Vegetable Oils and Grains** - Rapeseed oil 2509 contract may oscillate within a platform range in the short - term [1] - Soybean meal may oscillate weakly in the short - term [1] - Corn futures prices are expected to oscillate within a range in the short - term, with attention on new wheat listings and weather changes [1] - **Metals** - Copper prices will continue to fluctuate around the moving average system, with overall changes being minor, and the defense line set at the upper edge of the moving average system [2] - The lithium carbonate 2507 contract may oscillate weakly, and short - selling on rallies is advisable [3][4] - Steel is starting to repair its valuation, and a short - term bullish approach on dips is recommended [5] - Coking coal and coke may rebound from oversold lows due to news disturbances [6] - Iron ore 2509 will oscillate in the short - term, and traders are advised to be cautious [7] - **Energy and Chemicals** - WTI crude oil will mainly oscillate around $60 - $65 per barrel [8] - Rubber will be weak overall, with attention on downstream rubber processing plant operating rates [9] - PVC futures prices will oscillate at low levels due to weak fundamentals [10] - Soda ash futures will continue to oscillate within the bottom - range in the short - term [11] 3. Summary by Commodity Vegetable Oils and Grains - **Rapeseed Oil** - **Spot Price**: The price of imported Grade 3 rapeseed oil in Qinzhou is 9300 yuan/ton, down 70 yuan/ton from the previous trading day [1] - **Market Analysis**: After the Dragon Boat Festival, domestic rapeseed will be listed soon. Near - term imported rapeseed supply is abundant, while long - term supply is tight. Downstream demand is neutral, and short - to - medium - term inventory may remain high [1] - **Soybean Meal** - **Spot Price**: Spot prices in various regions have declined, such as 2770 yuan/ton in Zhangjiagang (-30) [1] - **Market Analysis**: Sino - US trade has reached a phased agreement, but long - term contradictions remain. US soybean sowing is going smoothly, and Brazil is in the peak export season. Domestic soybean supply is recovering, and the pressure on soybean meal supply is emerging. Demand is weak, and inventory accumulation is slow [1] - **Corn** - **Spot Price**: Different regions have different prices, such as 2204 yuan/ton in Northeast China and Inner Mongolia [1] - **Market Analysis**: US corn growing conditions are good, and there are concerns about long - term imports. Domestically, there is a supply shortage during the transition period between old and new grains. Wheat may replace corn in the feed sector, and weather will affect prices. Downstream demand is weak [1] Metals - **Copper** - **Spot Price**: The price of Shanghai 1 electrolytic copper is 78350 - 78620 yuan/ton, up 40 yuan/ton [2] - **Market Analysis**: US employment data and political factors affect the possible end of the interest - rate cut cycle. Domestic policies support the market. Raw material supply issues persist, and copper inventory is declining, making the market more complex [2] - **Lithium Carbonate** - **Spot Price**: Battery - grade lithium carbonate (99.5%) is 60800 yuan/ton, and industrial - grade (99.2%) is 59150 yuan/ton, with no change from the previous day [3] - **Market Analysis**: Cost pressure is increasing, ore prices are falling, and inventory is high. Supply is still above average, and demand is divided. Overall, prices are falling, and attention should be paid to upstream production cuts [3] - **Steel** - **Spot Price**: Shanghai rebar is 3090 yuan, with a Tangshan开工率 of 83.56%, social inventory of 532.76 million tons, and steel mill inventory of 200.4 million tons [5] - **Market Analysis**: The steel fundamentals are improving, with a neutral - low valuation. Policy supports the real estate industry. Demand is down year - on - year, raw material prices are weak, and inventory is low. The market is driven by policy expectations and fundamentals [5] - **Coking Coal and Coke** - **Spot Price**: The price of Mongolian 5 coking coal is 1205 yuan/ton, and the price of quasi - first - grade metallurgical coke in Rizhao Port is 1340 yuan/ton [6] - **Market Analysis**: Supply is abundant, demand is weak due to steel mill production cuts, inventory is slowly increasing, and profit is approaching the break - even point [6] - **Iron Ore** - **Spot Price**: The Platts iron ore index is 97.2, and the price of Qingdao PB (61.5) powder is 735 yuan [7] - **Market Analysis**: Supply and demand factors are mixed. Australian shipments are down, Brazilian shipments are up, and port inventory is decreasing. Domestic steel mill demand is weak, and overseas demand is divided [7] Energy and Chemicals - **Crude Oil** - **Market Analysis**: Tensions in the Middle East and OPEC+ production decisions have led to supply concerns. OPEC has lowered future demand growth forecasts, and there are concerns about global demand [8] - **Rubber** - **Spot Price**: Different types of rubber have different prices, such as 13350 yuan/ton for domestic whole - latex [9] - **Market Analysis**: Overseas orders and domestic demand should be monitored. The trade war and oversupply are dragging down prices. Supply is abundant as domestic and Southeast Asian rubber trees are in the tapping season [9] - **PVC** - **Spot Price**: The mainstream price of East China Type 5 PVC is 4680 yuan/ton, unchanged from the previous period [10] - **Market Analysis**: Production capacity utilization has increased, demand is still mainly for rigid needs, and inventory has decreased. The fundamentals are still weak, and futures prices are oscillating at low levels [10] - **Soda Ash** - **Spot Price**: The national mainstream price of heavy soda ash is 1371.88 yuan/ton, down 6.25 yuan/ton [11] - **Market Analysis**: Production has increased due to new capacity. Inventory has decreased, and demand is average. The market lacks new drivers and may oscillate at the bottom in the short - term [11]

最新一轮油价调整，即将落地！ 【导读】国内成品油价格最新调整：汽、柴油每吨分别上涨65元、60元 中国基金报记者 晨曦 6月3日，国家发展改革委发布消息称，根据近期国际市场油价变化情况，按照现行成品油价格形成机制，自2025年6月3日24时起，国内汽、柴油价格（标 准品，下同）每吨分别上涨65元和60元。 折合成升价后，国内92号汽油、95号汽油、0号柴油均上调0.05元/升。以油箱容量为50升的家用轿车为例，加满一箱油将多花2.5元。 油耗方面，以月跑2000公里、百公里油耗8升的小型私家车为例，到下次调价窗口开启（6月17日24时）之前的时间内，消费者用油成本将增加4元左右。 物流方面，以月跑10000公里、百公里油耗38升的重卡为例，在下次调价窗口开启前，单辆车的燃油成本将增加89元左右。 上月油价下调后，国内92号汽油普遍回到"7元时代"。此次油价小幅上调后，国内多地92号汽油仍将保持在7元/升以下。 | 地区 | 92号汽油 | 95号汽油 | 98号汽油 | 0号柴油 | | --- | --- | --- | --- | --- | | 北京 | 6.91 | 7.36 | 8.86 | 6.5 ...

Report Industry Investment Rating - Not provided Core View of the Report - Due to the continuous improvement in tariff situation expectations, the market's risk aversion sentiment has marginally declined, the US dollar index has strengthened in the short - term, and precious metals in the Shanghai market have continued to correct. The US consumer confidence index in May was significantly higher than expected. The positive progress in tariff negotiations has boosted the short - term strength of the US dollar, putting pressure on the gold price. In the short term, the safe - haven demand for gold may be relatively weakened, and there is a possibility of continued correction. In the medium to long term, the US debt problem may lead to a long - term global trend of de - dollarization, which is structurally beneficial to the gold price. The repeated geopolitical situations in the Middle East and Russia - Ukraine will still boost the safe - haven property of gold. The gold purchase demand of central banks in emerging countries and the continuous net inflow of gold ETFs indicate a stable investment demand for gold. For silver, the improvement in economic expectations provides some support, but it is strongly correlated with the gold price, and it may maintain a volatile pattern recently [2]. Summary According to the Directory Futures Market - The closing price of the Shanghai gold main contract was 772.28 yuan/gram, up 0.68 yuan; the closing price of the Shanghai silver main contract was 8225 yuan/kilogram, up 8 yuan. The main contract positions of Shanghai gold were 199,056 hands, down 5,739 hands; those of Shanghai silver were 350,276 hands, down 14,143 hands. The net positions of the top 20 in the Shanghai gold main contract were 121,281 hands, up 466 hands; those of Shanghai silver were 162,070 hands, up 4,748 hands. The warehouse receipt quantity of gold was 17,247 kilograms, unchanged; that of silver was 1,006,250 kilograms, up 17,930 kilograms [2]. Spot Market - The spot price of gold on the Shanghai Non - ferrous Metals Network was 766.06 yuan/gram, down 10.94 yuan; the spot price of silver was 8211 yuan/kilogram, down 22 yuan. The basis of the Shanghai gold main contract was - 6.22 yuan/gram, down 11.62 yuan; the basis of the Shanghai silver main contract was - 14 yuan/kilogram, down 30 yuan [2]. Supply and Demand Situation - The gold ETF holdings were 922.46 tons, unchanged; the silver ETF holdings were 14,217.5 tons, unchanged. The non - commercial net positions of gold in CFTC were 163,981 contracts, up 2,772 contracts; those of silver in CTFC were 50,042 contracts, up 2,288 contracts. The total supply of gold in the quarter was 1,313.01 tons, up 54.84 tons; the total supply of silver in the year was 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter was 1,313.01 tons, up 54.83 tons; the global total demand for silver in the year was 1,195 million ounces, down 47.4 million ounces [2]. Option Market - The 20 - day historical volatility of gold was 21.76%, down 0.06%; the 40 - day historical volatility was 27.11%, unchanged. The implied volatility of the at - the - money call option for gold was 27.52%, up 0.03%; the implied volatility of the at - the - money put option was 27.51%, up 0.02% [2]. Industry News - Trump said on social media that he was encouraged by the EU to speed up trade negotiations. The EU is seeking to speed up trade negotiations with the US, focusing on key industries, tariffs, and non - tariff barriers. Hassett said that the tariffs of some countries may be reduced to 10% or lower, and the trade agreement with India is close to completion. Ron DeSantis, the governor of Florida, signed a law recognizing gold and silver as legal tender in the state to protect Floridians from the impact of the US dollar depreciation. The US consumer confidence index in May rose significantly from 85.7 in April to 98, higher than all economists' expectations [2].

Group 1: Gold Price Fluctuations - On May 27, 2025, international gold prices dropped significantly, with London spot gold falling below $3,300 per ounce, closing at $3,300.46, a daily decline of 1.25% [1] - COMEX gold futures also fell by 1.27% to $3,299.7 per ounce, influenced by reduced expectations for Federal Reserve interest rate cuts, a rebound in the dollar index, and easing geopolitical tensions [1] Group 2: Domestic Gold Jewelry Price Adjustments - Domestic gold jewelry prices have been adjusted downwards in response to the international gold price decline, with brands like Chow Sang Sang and Chow Tai Fook reducing their gold prices to 986 CNY per gram, a decrease of 10-29 CNY per gram [3] - Lao Miao's gold price has dropped to 997 CNY per gram, while the Shenzhen Shui Bei wholesale market offers a competitive price of 756 CNY per gram with low processing fees [3] Group 3: Core Reasons for Price Volatility - Market sentiment and policy impacts include cautious statements from Federal Reserve officials indicating no imminent rate cuts, which diminishes gold's appeal [4] - Progress in US-EU trade negotiations and the postponement of tariff increases by Trump have alleviated market tensions [4] - Technical adjustments are evident, with gold prices having risen over 20% since mid-April, leading to profit-taking [4] - Changes in consumer behavior show a shift towards high-value channels and lighter wedding jewelry designs, with average weights decreasing from 40 grams to 30 grams [4] Group 4: Investor Sentiment and Future Trends - Investor sentiment is polarized, with some leveraged traders facing losses exceeding 470,000 CNY in a single day, while long-term investors remain optimistic about gold's inflation-hedging properties [5] - China's gold imports surged by 73% month-on-month in April to 127.5 tons [5] - Short-term price fluctuations are expected around the $3,300 per ounce support level, with potential volatility of 5%-10% if the Federal Reserve signals a hawkish stance in June [5] - Morgan Stanley forecasts gold prices to oscillate between $3,000 and $3,350 [5] - Long-term support factors include ongoing global central bank gold purchases and a weakening trend in dollar credit, with Goldman Sachs predicting gold prices could challenge $4,000 per ounce by 2026 [5] Group 5: Consumption and Investment Recommendations - For essential consumption, it is advisable to prioritize bank gold bars (with a premium of about 3%) or wholesale market options to avoid high processing fees associated with branded gold jewelry [6]

操作策略： 1.黄金建议回调3320-3325区域做多，止损在3312，目标看3355-3385，破位持有 受特朗普宣布暂停对欧盟加征高关税影响，市场避险情绪降温，现货黄金开盘后震荡下行，货币政策方面，欧洲 央行管委西姆库斯称6月仍存降息可能，美联储卡什卡利则表示9月前利率调整方向"尚不确定"。最新CME"美联 储观察"数据显示，6月维持利率不变的概率为94.4%，降息25个基点的概率为5.6%；7月累计降息25个基点的概率 升至23.9%，累计降息50个基点的概率仅为1.1%。综合来看，当前美国与多国的贸易谈判持续推进，翁富豪建议 大家重点关注谈判进展及地缘局势变化对黄金市场的影响。 从技术面分析来看，月线级别呈现四连阳走势，前三个上涨月后均出现单月回调，当前已连续四个月收涨，五月 份翁老师提醒需重点关注市场风险。周线级别显示黄金在3160区域获得有效支撑，中期看多观点维持不变，只有 跌破该支撑位才会转为下行压力。日线级别当前支撑位于3278区域，价格在此上方运行则保持上行趋势。四小时 级别关键支撑在3320-3325区间，这也是昨日低点位置，正如预期价格在此止跌回升，只要不跌破该区间就继续 关注上行走势； ...

Core Viewpoint - The international gold price is expected to rebound despite recent fluctuations, influenced by geopolitical tensions and changes in trade negotiations between the US and EU [1][10][11]. Market Performance - On May 26, gold opened at $3354.98 per ounce, dipped to a low of $3323.64, and closed at $3341.30, marking a decrease of $16.4 or 0.49% from the previous close of $3357.70 [1][3]. - The daily trading range was $34.06, indicating volatility in the market [1]. Influencing Factors - The US dollar index showed weakness, which limited bullish momentum for gold [3][6]. - Geopolitical risks, particularly tensions involving Iran and Israel, have led to a resurgence in safe-haven demand for gold [5][11]. - The recent shift in President Trump's stance on EU tariffs has created uncertainty in trade negotiations, potentially impacting gold prices [10]. Technical Analysis - The monthly chart indicates that gold remains above the 5-month moving average, suggesting a bullish trend despite recent volatility [13]. - The weekly chart shows that gold has regained strength, moving above the 5-week moving average, with potential targets of $3400 and $3500 [14]. - The daily chart indicates that gold is near resistance levels around $3500, with short-term bullish signals still present [16]. Economic Indicators - Upcoming US economic data, including durable goods orders and consumer confidence indices, are expected to influence market sentiment and gold prices [8][10]. - The potential for a US debt crisis and expectations of future interest rate cuts by the Federal Reserve may further support gold prices as a hedge against inflation [11].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The long - term gold price is supported by safe - haven demand and the weakening of the US dollar. The credit risk of the US dollar increases, and the investment demand for gold is stable. For silver, it mainly follows the upward trend of gold, and a mid - to - long - term strategy of buying on dips is recommended, while short - term correction pressure should be noted [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract was 777.3 yuan/gram, down 2.8 yuan; the closing price of the Shanghai Silver main contract was 8280 yuan/kilogram, up 17 yuan. - The position of the Shanghai Gold main contract was 216,132 lots, down 4,380 lots; the position of the Shanghai Silver main contract was 371,701 lots, up 16,590 lots. - The net position of the top 20 in the Shanghai Gold main contract was 120,991 lots, up 6,047 lots; the net position of the top 20 in the Shanghai Silver main contract was 163,357 lots, up 59 lots. - The warehouse receipt quantity of gold was 17,247 kilograms, unchanged; the warehouse receipt quantity of silver was 957,380 kilograms, down 3,261 kilograms [3]. 3.2现货市场 - The spot price of gold on the Shanghai Non - ferrous Metals Network was 776.2 yuan/gram; the spot price of silver was 8,235 yuan/kilogram, up 20 yuan. - The basis of the Shanghai Gold main contract was - 1.1 yuan/gram, up 8.7 yuan; the basis of the Shanghai Silver main contract was - 45 yuan/kilogram, up 3 yuan [3]. 3.3 Supply and Demand Situation - The net non - commercial position of gold CFTC (weekly) was 163,981 contracts, up 2,772 contracts; the net non - commercial position of silver CTFC (weekly) was 50,042 contracts, up 2,288 contracts. - The total supply of gold (quarterly) was 1,313.01 tons, up 54.84 tons; the total supply of silver (yearly) was 987.8 million troy ounces, down 21.4 million troy ounces. - The total demand for gold (quarterly) was 1,313.01 tons, up 54.83 tons; the total global demand for silver (yearly) was 1,195 million ounces, down 47.4 million ounces [3]. 3.4 Option Market - The 20 - day historical volatility of gold was - 8.12%; the 40 - day historical volatility of gold was 22.12%. - The implied volatility of at - the - money call options for gold was 27.49%, down 0.39%; the implied volatility of at - the - money put options for gold was 27.49%, down 0.38% [3]. 3.5 Industry News - US President Trump agreed to extend the deadline for the 50% tariff on the EU to July 9. - The 2025 FOMC voter, Chicago Fed President Goolsbee, said that although the threshold for a short - term interest rate cut is "slightly high", a rate cut is still possible in the next 10 to 16 months. - Tensions in the Middle East and the Russia - Ukraine conflict continued to intensify. The probability of the Fed keeping interest rates unchanged in June was 94.4%, and the probability of a 25 - basis - point rate cut was 5.6% [3].

Group 1 - The core viewpoint emphasizes the volatility of gold prices, with significant fluctuations becoming commonplace, particularly after April, where daily price changes of $100 have become routine [1][3] - The current market conditions are driven by various factors including trade wars, geopolitical tensions, central bank gold purchases, de-dollarization, and uncertainties in Federal Reserve policies, leading to increased investor speculation in gold [3][5] - The gold market is expected to experience a range of $2950 to $3500, with potential for both long and short positions as long as there are sufficient reasons and risk management is in place [3][5] Group 2 - Key resistance levels for gold are identified at $3415 and $3438, with a potential breakthrough leading to new highs around $3500, while support levels are noted at $3280-$3285 and $3300 [5][8] - Short-term trading strategies suggest focusing on the range between $3365 and $3330, with opportunities for both long and short positions depending on market movements [7][8] - The silver market is advised to follow gold's trends without independent analysis, indicating a strong correlation between the two precious metals [9]

Core Viewpoint - The gold market is experiencing extreme volatility, with significant price fluctuations becoming commonplace, driven by various macroeconomic factors such as trade wars, geopolitical tensions, central bank gold purchases, and economic recession fears [1][3]. Group 1: Market Trends - Gold has seen unprecedented daily price movements, with fluctuations of $100 becoming routine, indicating a highly speculative environment [1]. - The recent trading session showed a high of 3345 and a low of 3279, with a total daily range of $66, which is considered normal for recent market conditions [1][3]. Group 2: Trading Strategies - Investors are advised to adopt strict stop-loss strategies and to be flexible in their trading approach, whether going long or short, as long as there are solid reasons for their positions [1]. - Key support levels to watch include the 3280 area, with potential pullbacks to 3250-55 or even 3200 if the market declines [5][7]. Group 3: Technical Analysis - The market is currently at a critical juncture, with the 3315 area acting as a resistance level and the 3280 area serving as a support level [7]. - The trading strategy should involve buying near support levels and selling at resistance, with specific attention to the 5-day and 10-day moving averages for additional support [5][7].