Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, maintained its holdings at 1,045.43 tons as of November 27, 2025, amidst a holiday trading period that saw limited market activity and a slight decline in gold prices [7]. Group 1: Market Conditions - On November 27, gold prices fluctuated between $4,142.58 and $4,168.58 per ounce, closing at $4,157.22, down $6.56 or 0.16% [7]. - The U.S. market was closed for Thanksgiving, leading to reduced liquidity and a consolidation phase for gold prices [7]. - Despite a mild rebound in the U.S. dollar, gold prices remained supported by expectations of a Federal Reserve rate cut in December [7]. Group 2: Economic Indicators - Recent mixed signals from delayed U.S. economic data include stronger-than-expected non-farm payrolls, a soft core producer price index, optimistic durable goods orders, but weak retail sales and a slight increase in unemployment [7]. - Confidence in a December rate cut by the Federal Reserve has not diminished, with key officials expressing support for easing policies [8]. Group 3: Technical Analysis - Gold prices are currently testing the upper boundary of a symmetrical triangle pattern, with a key resistance level at $4,200 [9]. - If gold prices break above $4,200, it could open up further upside potential; however, failure to do so may result in continued consolidation within the triangle [9]. - Initial support is seen at $4,150, with stronger support in the $4,050-$4,070 range, coinciding with the 21-day moving average and the triangle's lower boundary [9].

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - The iron ore market is expected to maintain a volatile and slightly upward trend. Macroscopically, the market's expectation of a Fed rate cut in December has increased, and the country is taking measures to regulate price competition. In terms of supply and demand, the shipment of Australian and Brazilian iron ore has decreased, the arrival volume has increased, and the port inventory has stopped falling and rebounded. The blast furnace operating rate, capacity utilization rate, and molten iron output of steel mills have declined slightly. Technically, the iron ore I2601 contract has shifted upward, and the daily K - line is above multiple moving averages. Although the fundamentals of iron ore are generally in a state of loose supply, the macro - expectations are positive, and the spot price is firm [7]. Summary by Relevant Catalogs 1. Weekly Key Points Summary 1.1 Price - As of the close on November 28, the futures price of the iron ore main contract was 794 (+8.5) yuan/ton, and the price of Macfayden ore at Qingdao Port was 843 (-1) yuan/dry ton [5]. 1.2 Shipment - From November 17 to November 23, 2025, the total global iron ore shipment was 3278.4 million tons, a week - on - week decrease of 238.0 million tons. The total shipment of iron ore from Australia and Brazil was 2637.4 million tons, a week - on - week decrease of 271.3 million tons [5]. 1.3 Arrival - From November 17 to November 23, 2025, the total arrival volume at 47 ports in China was 2939.5 million tons, a week - on - week increase of 569.6 million tons; the total arrival volume at 45 ports was 2817.1 million tons, a week - on - week increase of 548.2 million tons; the total arrival volume at six northern ports was 1438.3 million tons, a week - on - week increase of 397.0 million tons [5]. 1.4 Demand - The average daily molten iron output was 234.68 million tons, a week - on - week decrease of 1.60 million tons and a year - on - year increase of 0.81 million tons [5]. 1.5 Inventory - As of November 28, 2025, the inventory of imported iron ore at 47 ports in China was 15901.22 million tons, a week - on - week increase of 166.37 million tons and a year - on - year increase of 284.33 million tons. The inventory of imported ore at 247 steel mills was 8942.48 million tons, a week - on - week decrease of 58.75 million tons [5]. 1.6 Profit Rate - The profit rate of steel mills was 35.06%, a week - on - week decrease of 2.60 percentage points and a year - on - year decrease of 16.89 percentage points [5]. 1.7 Market Outlook - Macroscopically, overseas, the market's expectation of the December meeting fluctuates between "rate cut" and "maintaining the status quo", and the probability of a rate cut has risen to about 80%. Domestically, the National Development and Reform Commission is taking measures to regulate price competition. In terms of supply and demand, the shipment of Australian and Brazilian iron ore has decreased, the arrival volume has increased, and the port inventory has stopped falling and rebounded; the blast furnace operating rate, capacity utilization rate, and molten iron output of steel mills have declined slightly. Technically, the iron ore I2601 contract has shifted upward, and the daily K - line is above multiple moving averages. The I2601 contract may maintain a volatile and slightly upward trend [7]. 2. Futures and Spot Market 2.1 Futures Price - This week, the I2601 contract fluctuated slightly upward. The price of the I2601 contract was weaker than that of the I2605 contract. On the 28th, the price difference was 26 yuan/ton, a week - on - week decrease of 3.5 yuan/ton [13]. 2.2 Warehouse Receipts and Net Long Positions - On November 28, the number of iron ore warehouse receipts at the Dalian Commodity Exchange was 1300, a week - on - week increase of 500. The net long position of the top 20 in the ore futures contract was 16881, an increase of 16354 compared with the previous week [19]. 2.3 Spot Price - On November 28, the price of 61% Australian Macfayden ore at Qingdao Port was 843 yuan/dry ton, a week - on - week decrease of 1 yuan/dry ton. This week, the spot price of iron ore was weaker than the futures price. On the 28th, the basis was 49 yuan/ton, a week - on - week decrease of 10 yuan/ton [25]. 3. Industry Situation 3.1 Arrival Volume - From November 17 to November 23, 2025, the total arrival volume at 45 ports in China increased. The total global iron ore shipment decreased, and the total shipment of iron ore from Australia and Brazil decreased [29]. 3.2 Port Inventory - This week, the total inventory of imported iron ore at 47 ports in China was 15901.22 million tons, a week - on - week increase of 166.37 million tons; the average daily port clearance volume was 344.06 million tons, an increase of 0.67 million tons. The inventory of steel mills' imported iron ore was 8942.48 million tons, a week - on - week decrease of 58.75 million tons; the daily consumption of imported ore by sample steel mills was 289.43 million tons, a week - on - week decrease of 2.25 million tons; the inventory - to - consumption ratio was 30.9 days, a week - on - week increase of 0.04 days [33]. 3.3 Inventory Availability Days - As of November 27, the average inventory availability days of imported iron ore at large and medium - sized steel mills in China was 20 days, a week - on - week increase of 0 days. On November 27, the Baltic Dry Index (BDI) was 2480, a week - on - week increase of 205 [38]. 3.4 Import Volume and Mine Capacity Utilization - In October, China's iron ore imports were 11130.9 million tons, a month - on - month decrease of 501.7 million tons and a month - on - month decline of 4.3%; from January to October, the cumulative imports were 102888.6 million tons, a year - on - year increase of 0.7%. As of November 28, the capacity utilization rate of 266 domestic mines was 63.51%, a week - on - week decrease of 0.29%; the average daily output of concentrate powder was 40.1 million tons, a week - on - week decrease of 0.18 million tons; the inventory was 40.52 million tons, a week - on - week decrease of 0.4 million tons [41]. 3.5 Domestic Iron Ore Concentrate Output - In October 2025, China's iron ore raw ore output was 8403.3 million tons, a year - on - year decrease of 2.9%; from January to October, the cumulative output was 85173.6 million tons, a year - on - year decrease of 3.2%. In October, the output of iron concentrate powder from 433 domestic iron mines was 2294.0 million tons, a month - on - month increase of 9.5 million tons and an increase of 0.4%; from January to October, the cumulative output was 22966.0 million tons, a cumulative year - on - year decrease of 882.4 million tons and a decline of 3.7% [45]. 4. Downstream Situation 4.1 Crude Steel Output - In October 2025, China's crude steel output was 7200 million tons, a year - on - year decrease of 12.1%. From January to October, China's crude steel output was 81787 million tons, a year - on - year decrease of 3.9% [48]. 4.2 Steel Import and Export - In October 2025, China's steel exports were 978.2 million tons, a year - on - year decrease of 12.5%; imports were 50.3 million tons, a year - on - year decrease of 6.9%. From January to October, the cumulative steel exports were 9773.7 million tons, a year - on - year increase of 6.6%; the cumulative imports were 504.1 million tons, a year - on - year decrease of 11.9% [48]. 4.3 Blast Furnace Operating Rate and Molten Iron Output - On November 28, the blast furnace operating rate of 247 steel mills was 81.09%, a week - on - week decrease of 1.10 percentage points and a year - on - year decrease of 0.53 percentage points; the blast furnace iron - making capacity utilization rate was 87.98%, a week - on - week decrease of 0.60 percentage points and a year - on - year increase of 0.18 percentage points. The average daily molten iron output of 247 steel mills was 234.68 million tons, a week - on - week decrease of 1.60 million tons and a year - on - year increase of 0.81 million tons [51]. 5. Option Market - The fundamentals of iron ore are generally in a state of loose supply, but the macro - expectations are positive, the spot price is firm, and the futures price fluctuates slightly upward. For far - month iron ore, consider buying out - of - the - money call options [54].

Core Viewpoint - The Hong Kong stock market showed mixed performance with the Hang Seng Index and the Hang Seng China Enterprises Index declining by 0.34% and 0.38% respectively, while the Hang Seng Tech Index saw a slight increase of 0.02 [1] Group 1: Market Performance - The Hang Seng Index briefly returned above 26,000 during trading [1] - Major technology stocks exhibited divergent trends, with Meituan down 1.44%, while Baidu, Alibaba, and JD.com showed gains [1] - The aerospace and defense sector saw a boost due to a private company in Sichuan developing hypersonic missiles, leading to a rise in related stocks [1] Group 2: Sector Movements - Wind power stocks performed strongly, with Dongfang Electric rising nearly 7% [1] - Gaming stocks remained active, with New World Development and Sands China achieving five consecutive days of gains [1] - Expectations for a Federal Reserve rate cut in December led to a collective rise in gold and copper stocks, with China National Gold and China Nonferrous Mining among the top gainers [1] Group 3: Weak Performers - Insurance, oil, and banking stocks generally underperformed, dragging the market down, with China Life and China Pacific Insurance both falling by 3% [1] - China Petroleum & Chemical Corporation declined by 1.34% [1] - Real estate stocks continued their downward trend, with property management stocks also mostly declining [1] Group 4: New Listings - Haiwei Co., upon its debut, experienced a significant drop of nearly 23% [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The probability of the Fed cutting interest rates in December has increased, and there are production disruptions in multiple overseas copper mines, which may cause the Shanghai copper price to be cautiously bullish. The weak employment performance in the US has led to an increase in the probability of a Fed rate cut in December, and production disruptions in multiple domestic and foreign copper mines have made the import index of copper concentrates in China continuously negative, leading to a tight supply - demand expectation of domestic copper concentrates. Although the supply of scrap copper has increased and the processing fees of domestic crude copper or anode plates have risen, and the maintenance capacity of copper smelters in November has decreased month - on - month, the overall situation still supports a relatively strong copper price [2]. 3. Summary According to Relevant Catalogs 3.1 Shanghai Copper Futures - **Price and Volume Data**: On November 27, 2025, the closing price of the active contract of Shanghai copper futures was 86,990, up 400 from the previous day; the trading volume was 95,318 lots, down 11,895 lots; the open interest was 210,684 lots, up 5,956 lots; the inventory was 35,873 tons, down 3,952 tons. The SMM 1 electrolytic copper semi - average price was 87,085, up 430 [2]. - **Basis and Premium Data**: The Shanghai copper basis was 95, up 30; the SMM + water copper opening discount semi - average price was 55, up 20; the SMM premium copper opening discount semi - average price was 175, up 25; the SMM RMB Yangshan copper premium - average price was 283.12, down 0.07 [2]. - **Spread Data**: The spread between the near - month and the first - continuous contract of Shanghai copper was - 60, down 30; the spread between the first - continuous and the second - continuous contract was - 40, down 30; the spread between the second - continuous and the third - continuous contract was 10, down 30.001 [2]. 3.2 London Copper - **Price and Spread Data**: On November 27, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 10,930, down 23. The LME copper futures 0 - 3 - month contract spread was 0, down 30.83; the LME copper futures 3 - 15 - month contract spread was 0, down 138.27. The ratio of Shanghai - London copper prices was 7.9588, up 0.05 [2]. 3.3 COMEX Copper - **Price and Inventory Data**: On November 26, 2025, the closing price of the active contract of COMEX copper futures was 5.2035, up 0.20. The total inventory was 417,666, up 8,281 [2]. 3.4 Supply, Demand and Inventory - **Supply**: There are production disruptions in multiple domestic and foreign copper mines, making the import index of copper concentrates in China continuously negative, leading to a tight supply - demand expectation of domestic copper concentrates. The supply of scrap copper has increased, and the processing fees of domestic crude copper or anode plates have risen. The maintenance capacity of copper smelters in November has decreased month - on - month [2]. - **Demand**: The capacity utilization rates of copper wire and cable, copper enameled wire, copper enameled strip, copper tube, and brass rod have increased compared with last week. The capacity utilization rate of refined copper rod has decreased compared with last week, and the capacity utilization rate of recycled copper rod has remained the same as last week [2]. - **Inventory**: The social inventory of electrolytic copper in China has decreased compared with last week, the inventory of electrolytic copper in the London Metal Exchange has increased compared with last week, and the inventory of COMEX copper has increased compared with last week [2]. 3.5 Trading Strategy - Short - term traders can lightly go long on the main contract at low prices. Pay attention to the support levels around 82,000 - 84,000 and the resistance levels around 88,000 - 90,000 for Shanghai copper; the support levels around 10,300 - 10,500 and the resistance levels around 11,000 - 11,500 for London copper; the support levels around 4.5 - 4.8 and the resistance levels around 5.2 - 5.5 for US copper [2].

港股连续反弹后市场情绪趋于谨慎，三大指数盘初曾快速回落转跌。截止午盘，恒生指数跌0.24%，国 企指数跌0.22%，恒生科技指数涨0.11%。大型科技股涨跌各异且基本波幅在1%以内，美联储12月降息 预期升温，黄金股、铜业股等有色金属持续活跃；濠赌股继续上涨，新濠国际发展、金沙中国实现5连 涨。另外，内房股与物管股持续下跌，保险股多数弱势，煤炭、石油等能源板块普跌。(格隆汇) ...

Report Summary 1. Market Performance on November 27, 2025 - A-shares: The Shanghai Composite Index rose 0.29% to 3875.26, the Shenzhen Component Index fell 0.25% to 12875.19, and the ChiNext Index fell 0.44% to 3031.30. The trading volume of the two markets was 1709.8 billion yuan, a decrease of 73.6 billion yuan from the previous day [1]. - CSI 300: It closed at 4515.40, a decrease of 2.22 [2]. 2. Futures Market 2.1. Energy Futures - Coke: The weighted index closed at 1652.3, a rise of 0.3. Port spot prices fell, with Rizhao Port's quasi - first - class metallurgical coke at 1460 yuan/ton, down 10 yuan. Supply increased as coking enterprises' costs improved, and demand was weak as steel mills' profitability was poor and maintenance expanded [2][4]. - Coking Coal: The weighted index closed at 1114.0 yuan, a decrease of 0.6. Prices in some regions changed, with Shanxi's main coking coal down 90 yuan to 1580 yuan/ton. Supply recovered as coal mines resumed production, and there was pressure on coal mine shipments [3][4]. 2.2. Agricultural Futures - Zhengzhou Sugar: The 2601 contract rose slightly due to factors such as the rebound of US sugar and short - covering. The 2025/26 global sugar supply is expected to have a surplus of 3.7 million tons, the largest since 2017/18. Brazil's sugarcane production is expected to be 659 million tons, and the Philippines' raw sugar production is expected to be 2.09 million tons [4]. - Rubber: Affected by Thailand's weather warning and potential output loss of up to 90,000 tons, the Shanghai rubber futures rose slightly. Global light - vehicle sales showed growth in October [6]. - Live Hogs: The LH2601 contract rose 0.39% to 11585 yuan/ton. The supply was strong due to high - level sow inventory and concentrated slaughter, while demand was weak, and the market was in a supply - stronger - than - demand pattern [6]. - Soybean Meal: The M2601 contract rose 1.33% to 3055 yuan/ton. The US soybean market was closed on November 27. China's soybean purchases from the US were close to 2 million tons. Brazil's soybean planting rate was 81%, lower than last year. Domestic supply improved, and the futures price had limited upward drive [6]. - Palm Oil: The P2601 contract rose 1.04% to 8528. Malaysia's palm oil exports from November 1 - 25 were estimated to be 583,574 tons, a 40.77% decrease from the previous month [6]. 2.3. Metal Futures - Shanghai Copper: The 2601 contract rose 0.35% to 86990 yuan/ton. Supply was tight due to factors such as smelter maintenance and mine accidents, and demand was strong in new - energy and other fields. However, high prices and potential factors might limit the increase [6][7]. - Cotton: The Zhengzhou cotton 2601 contract closed at 13710 yuan/ton at night. Cotton inventory increased by 65 lots, and the purchase price of Xinjiang machine - picked cotton was 6.18 yuan/kg [7]. - Logs: The 2601 contract closed at 765, with an increase of 106 lots. Spot prices in Shandong and Jiangsu remained unchanged, and attention should be paid to factors such as spot prices and imports [7]. - Iron Ore: The 2601 contract rose 0.44% to 799.5 yuan. Shipping volume decreased, and port and steel mill inventories declined. The price was in a volatile trend [7]. - Asphalt: The 2601 contract fell 1.41% to 3007 yuan. December's production plan decreased, inventory was being reduced, and demand was in the off - season, with prices in a volatile state [7]. - Steel: The rb2601 closed at 3093 yuan/ton, and hc2601 at 3293 yuan/ton. Production and consumption decreased, and inventory continued to decline. The market was in a supply - and - demand double - weak pattern [7]. - Alumina: The ao2601 closed at 2720 yuan/ton. Environmental inspections affected the north, inventory increased slightly, and the market was sluggish [7]. - Shanghai Aluminum: The al2601 closed at 21500 yuan/ton. The macro - market sentiment improved, but demand was cautious. Supply was stable, and social inventory continued to decrease [7][8].

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The expectation of a Fed rate cut in December is rising, and geopolitical risks in multiple regions remain unresolved, which may support precious metal prices [1]. - The global supply - demand outlook for platinum from 2025 - 2026 is expected to be tight, and the price may fluctuate on the strong side [1]. - The global supply - demand outlook for palladium from 2025 - 2026 may shift from tight to loose, but the price may be cautiously strong [1]. 3. Summary by Relevant Catalogs 3.1 Market Data 3.1.1 Gold - **Futures**: Shanghai gold futures (SHFE) had a closing price of 943.13 yuan/gram on November 27, 2025, up 1.96 yuan from the previous day and 20.45 yuan from last week. The trading volume was 352,583, with a decrease of 67,866 from the previous day and 79,224 from last week. The open interest was 195,755, an increase of 6,992 from the previous day and 35,445 from last week. The inventory (in ten - gram units) was 90,423, unchanged from the previous day and a decrease of 3 from last week [1]. - **Spot**: The closing price of spot Shanghai gold T + D was 941.17 yuan/gram on November 26, 2025. The trading volume was 57,208, and the open interest was 230,148 [1]. - **International**: COMEX gold futures had a closing price of 4,126.30 dollars/ounce on November 27, 2025. The trading volume was 229,049, and the open interest was 232,736. The London gold spot price was 4,139.60 dollars/ounce. SPDR Gold ETF holdings were 1,045.43 tons, and iShare Gold ETF holdings were 484.24 tons [1]. 3.1.2 Silver - **Futures**: Shanghai silver futures had a closing price of 12,227 yuan on November 27, 2025. The trading volume was 1,827,650, and the open interest was 385,232. - **Spot**: The trading volume of spot Shanghai silver T + D was 57,208, and the open interest was 230,148 on November 26, 2025 [1]. - **International**: COMEX silver futures had a closing price of 53.76 dollars/ounce on November 26, 2025. The trading volume was 83,948, and the open interest was 102,422. The London silver spot price was 51.21 dollars/ounce. The holdings of the iShare Silver ETF were 15,582.33 tons [1]. 3.1.3 Other Commodities and Financial Indicators - **Crude Oil**: INE crude oil was at 445 yuan/barrel, ICE Brent crude oil was at 61.90 dollars/barrel, and NYMEX crude oil was at 58.11 dollars/barrel on November 27, 2025 [1]. - **Copper**: Shanghai copper futures were at 86,990 yuan/ton, and LME copper spot was at 10,930 dollars/ton [1]. - **Stock Indices**: The Shanghai Composite Index was at 3,875.2594, the S&P 500 was at 6,812.6100, the UK FTSE 100 was at 9,552.3000, etc. [1]. - **Interest Rates and Exchange Rates**: The US 10 - year Treasury nominal yield was 4.12%, the 10 - year Treasury TIPS yield was 1.77%, the dollar index was 99.8123, the dollar - to - RMB central parity rate was 7.0779 [1]. 3.2 Important News - Putin publicly discussed the peace plan for the first time, stating that there is no final plan yet and preparing for a "serious" discussion with the US next week. Currently, negotiations with the current Ukrainian leadership have no practical significance [1]. - ECB official Kazaks warned that "it is too early to talk about rate cuts" and inflation risks still need to be vigilant [1]. 3.3 Long - Short Logic - **Gold and Silver**: The negative growth of the US ADP private - sector weekly new employment and some Fed officials' support for a December rate cut have increased the expectation of a Fed rate cut in December. Japan's economic stimulus plan has intensified its debt burden, and the UK's fiscal buffer space has increased, but there are concerns about future economic growth. Global central banks' continuous gold purchases and geopolitical risks support precious metal prices [1]. - **Platinum**: On the supply side, factors such as high mining costs, unstable power supply, and aging production equipment affect platinum production, and recycled platinum production grows slowly. On the demand side, the increase in exhaust emission standards and positive demand expectations in multiple industries lead to a tight supply - demand outlook from 2025 - 2026, and the rising rate - cut expectation may push the price up [1]. - **Palladium**: On the supply side, mining issues affect production, but the recycling supply is expected to increase. On the demand side, the demand from the automotive industry is expected to decline, and the demand from other industries has low elasticity. The supply - demand outlook may shift from tight to loose, but the rate - cut expectation may keep the price cautiously strong [1]. 3.4 Trading Strategies - **Gold and Silver**: It is advisable to go long on dips. For London gold, pay attention to the support level around 3,850 - 3,950 dollars/ounce and the resistance level around 4,180 - 4,384 dollars/ounce; for Shanghai gold, the support level is around 870 - 890 yuan/gram and the resistance level is around 960 - 1,000 yuan/gram. For London silver, the support level is around 38 - 45 dollars/ounce and the resistance level is around 55 - 63 dollars/ounce; for Shanghai silver, the support level is around 10,000 - 11,000 yuan and the resistance level is around 12,700 - 13,000 yuan [1]. - **Platinum**: Go long on the main contract with a light position in the short term or consider the "long platinum, short palladium" arbitrage opportunity. For London platinum, pay attention to the support level around 1,260 - 1,460 dollars/ounce and the resistance level around 1,800 - 2,000 dollars/ounce; for domestic platinum, the support level is around 325 - 377 yuan/gram and the resistance level is around 465 - 516 yuan/gram [1]. - **Palladium**: Go long on the main contract with a light position in the short term. For London palladium, pay attention to the support level around 1,080 - 1,280 dollars/ounce and the resistance level around 1,600 - 1,800 dollars/ounce; for domestic palladium, the support level is around 320 - 350 yuan/gram and the resistance level is around 415 - 465 yuan/gram [1].

Market Overview - A-shares exhibited a strong divergence today, with technology stocks surging in the morning and weight stocks rebounding in the afternoon, indicating a tug-of-war between bulls and bears [1][2] - The market is currently cautious, with a lack of significant trading volume, suggesting that investors are hesitant to chase higher prices, which benefits the relatively undervalued Shanghai main board [1][2] Sector Performance - The technology growth sector saw funds flow out in the afternoon, shifting towards sectors with policy support and reasonable valuations, benefiting the weight stocks while putting pressure on the ChiNext [1] - The consumer electronics sector experienced a strong rise due to the launch of Huawei's Mate80 series, while solid-state battery concepts also gained momentum, although they retreated after reaching highs [1] Technical Indicators - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index are all below their 60-day moving averages, facing significant pressure [2] - The ChiNext Index, despite recovering from last Friday's losses, has not yet surpassed key moving averages, leading to greater selling pressure [2] Economic Indicators - The Federal Reserve's Beige Book indicated a further decline in U.S. consumer spending, with some companies warning of increased risks of economic activity slowing in the coming months, raising expectations for a December rate cut to 85% [2] - Although this positive news initially boosted the market, the late-session sell-off highlighted that external positives could not offset internal pressures, maintaining fragile market confidence [2] Future Outlook - The current market volatility and divergence are not necessarily negative, as the rise in technology growth stocks suggests that positive news can have a stimulating effect, even if the overall atmosphere remains subdued [3] - Short-term fluctuations are expected to continue, with the market awaiting further positive news, while a long-term bullish outlook remains intact, with aspirations to challenge the 4000-point mark [3]

Group 1 - The market's expectation for a Federal Reserve rate cut in December has increased, supporting a moderate rebound in gold prices [1][3] - Short-term technical indicators suggest a demand for gold rebound, with support at $4100 and resistance at $4150, and a potential upward target of $4200 if the resistance is broken [1] - Gold prices reached a one-week high of $4169 after breaking the $4150 resistance, later peaking at $4173 before retreating to stabilize around $4136 [3] Group 2 - The recent moderate rebound in gold prices is primarily driven by the renewed market expectations for a Federal Reserve rate cut in December [3] - Earlier, the U.S. government shutdown led to the absence of key economic data, and dovish comments from Federal Reserve officials, including Chairman Powell, created downward pressure on gold prices [3] - Following the release of delayed economic data, the probability of a December rate cut increased from below 40% to over 80%, further supporting gold prices [3]

Core Viewpoint - The recent increase in gold prices is primarily driven by heightened market expectations for a Federal Reserve interest rate cut in December, with optimistic forecasts for gold prices in the coming years [1]. Group 1: Market Trends - Gold prices experienced a strong upward movement, reaching a weekly high of 4173, with expectations for a bullish trend continuing into 2026, where the average price is predicted to exceed 4000, with Deutsche Bank raising its forecast to 4450 [1]. - The market is currently in a consolidation phase, with short-term resistance levels identified at 4180 and 4200, while support is noted around 4135 and 4100 [1][4]. Group 2: Trading Strategies - The recommended trading strategy includes light short positions near 4180 and monitoring for a strong breakout above 4200 [4]. - A short-term buying opportunity is suggested if prices drop to around 4135 without breaking below, with a focus on maintaining positions near support and resistance levels [5]. Group 3: Performance Insights - The trading strategy has yielded successful outcomes, with two wins noted in the previous trading session, aligning with the anticipated market movements [3].