Group 1 - European financial markets are expected to enter a cautious stabilization phase after significant declines, influenced by inflation expectations, central bank policies, fiscal pressures, and political uncertainties [1] - Eurozone member states plan to issue over €100 billion in new bonds in September, raising concerns about supply excess and higher required yields from investors [1][2] - Political risks in specific countries, such as France's government facing a confidence vote, have exacerbated fiscal concerns and widened the yield spread between French and German bonds [1][2] Group 2 - The European bond market experienced significant turbulence, with the 30-year German bond yield rising to 3.41%, the highest since 2011, and the 30-year French bond yield reaching 4.52%, the highest since 2009 [2] - Rising government bond yields are seen as a warning signal for financial markets, indicating concerns over current policy paths and leading to higher term premiums [2] - The DAX index fell by 2.29%, and major U.S. stock indices also faced pressure, reflecting the impact of rising bond yields on equity markets [2] Group 3 - U.S.-EU trade tensions have escalated, with the Trump administration imposing higher tariffs on EU steel and aluminum products, potentially leading to a trade conflict [3] - The inflation data released for the Eurozone showed a 2.1% year-on-year increase in consumer prices for August, indicating persistent inflationary pressures [3][4] Group 4 - European Central Bank (ECB) Executive Isabel Schnabel reinforced hawkish expectations, suggesting current rates should remain unchanged and warning of potential inflation risks from tariffs and fiscal expansion [4] - Market expectations indicate that the ECB is unlikely to take further action this year, contributing to rising long-term bond yields [4] Group 5 - The market anticipates an 85% probability of a 25 basis point rate cut by the Federal Reserve on September 17, with internal divisions within the Fed regarding the timing of such cuts [5] - Upcoming economic data, particularly related to the U.S. labor market, is expected to significantly impact market conditions and Fed decision-making [5][6] Group 6 - The focus of the market has shifted from "whether to cut rates" to "the pace and frequency of rate cuts," with any comments from ECB President Lagarde potentially influencing the Eurozone bond market [6] - Investor sentiment remains fragile, with concerns that buying on dips may be replaced by selling on highs, leading to negative market effects [6]

Group 1 - European financial markets are expected to enter a cautious stabilization phase after significant declines, influenced by inflation expectations, central bank policies, fiscal pressures, and political uncertainties [1] - Eurozone member countries plan to issue over €100 billion in new debt in September, raising concerns about short-term "oversupply" in the market, leading investors to demand higher yields [1][2] - Political risks in specific countries, such as France facing a confidence vote due to budget cuts, have widened the yield spread between French and German bonds, reflecting market risk aversion towards economies with poor fiscal discipline [1][2] Group 2 - The European bond market experienced significant turbulence, with the 30-year German bond yield rising to 3.41%, the highest since 2011, and the 30-year French bond yield reaching 4.52%, the highest since 2009 [2] - Rising government bond yields are seen as a warning signal for financial markets, indicating concerns over current policy paths, which could lead to higher term premiums [2] - The DAX index fell by 2.29%, and major U.S. stock indices also faced pressure, with the Dow Jones down 0.55% and the Nasdaq 100 down 0.79% [2] Group 3 - U.S.-EU trade tensions have escalated, with the Trump administration imposing higher tariffs on EU steel and aluminum products, potentially leading to a trade conflict and affecting market confidence [3] - Eurozone inflation data for August showed a 2.1% year-on-year increase, slightly above previous values and market expectations, indicating persistent inflationary pressures [3][4] Group 4 - European Central Bank (ECB) Executive Isabel Schnabel reinforced hawkish expectations, suggesting current rates should remain unchanged and warning that tariffs and fiscal expansion could increase future inflation risks [4] - Market expectations for the ECB to refrain from further rate cuts this year have led to rising long-term bond yields [4] Group 5 - The market anticipates an 85% probability of a 25 basis point rate cut by the Federal Reserve on September 17, with internal divisions within the Fed regarding the timing of such cuts [5] - Upcoming economic data, particularly U.S. labor market reports, are expected to significantly impact market conditions and Fed decision-making [5][6] Group 6 - The focus of the market has shifted from "whether to cut rates" to "the pace and frequency of rate cuts," with any comments from ECB President Lagarde potentially influencing the Eurozone bond market [6] - Investor sentiment remains fragile, with concerns that buying on dips could be replaced by selling on highs, leading to negative market effects [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The Shanghai copper main contract fluctuates strongly, with an increase in open interest, spot premium, and weakening basis. The cost - support logic for copper prices remains strong due to rising raw material prices and negative TC fees in the mining end. The supply of domestic refined copper may decline slightly as domestic copper concentrate port inventories are low and raw material supply is relatively tight. The downstream export demand may decline due to high tariffs on copper semi - products imposed by the US, while domestic demand is expected to recover due to macro - policy support and the approaching traditional consumption season. The overall inventory will remain at a medium - low level and gradually decrease with the recovery of consumption. The industry outlook is positive. In the options market, the sentiment is bullish, and the implied volatility slightly decreases. Technically, the 60 - minute MACD shows red bars converging with both lines above the 0 - axis. It is recommended to trade with a light position in a volatile market and control the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper main futures contract is 80,110 yuan/ton, up 450 yuan; the LME 3 - month copper price is 10,015 dollars/ton, up 34.5 dollars. The main contract inter - month spread is 50 yuan/ton, down 10 yuan; the open interest of the Shanghai copper main contract is 192,109 lots, up 12,044 lots. The net position of the top 20 futures holders of Shanghai copper is - 5,870 lots, down 778 lots. The LME copper inventory is 158,875 tons, down 25 tons; the Shanghai Futures Exchange (SHFE) cathode copper inventory is 79,748 tons, down 1,950 tons; the SHFE cathode copper warrant is 19,501 tons, down 2,856 tons [2]. 3.2 Spot Market - The SMM 1 copper spot price is 80,520 yuan/ton, up 360 yuan; the Yangtze River Non - Ferrous Market 1 copper spot price is 80,455 yuan/ton, up 350 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 59 dollars/ton, unchanged; the average premium of Yangshan copper is 56.5 dollars/ton, up 1 dollar. The basis of the CU main contract is 410 yuan/ton, down 90 yuan; the LME copper cash - to - 3 - month spread is - 69.58 dollars/ton, up 16.69 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 256.01 million tons, up 21.05 million tons. The TC fee for domestic copper smelters is - 41.48 dollars/kiloton, down 0.33 dollars. The price of copper concentrate in Jiangxi is 70,440 yuan/metal ton, up 140 yuan; in Yunnan, it is 71,140 yuan/metal ton, up 140 yuan. The processing fee for crude copper in the South is 700 yuan/ton, down 100 yuan; in the North, it is 700 yuan/ton, down 50 yuan. The output of refined copper is 127 million tons, down 3.2 million tons; the import volume of unwrought copper and copper products is 480,000 tons, up 20,000 tons [2]. 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai is 55,740 yuan/ton, up 100 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 68,300 yuan/ton, up 50 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 640 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The output of copper products is 216.94 million tons, down 4.51 million tons. The cumulative completed investment in power grid infrastructure is 331.5 billion yuan, up 40.434 billion yuan. The cumulative completed investment in real estate development is 53,579.77 billion yuan, up 692.221 billion yuan. The monthly output of integrated circuits is 4,689,220,700 pieces, up 183,435,300 pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper is 7.25%, unchanged; the 40 - day historical volatility is 8.18%, down 0.82%. The implied volatility of the current - month at - the - money option is 11.08%, down 0.0017. The call - to - put ratio of at - the - money options is 1.35, up 0.0006 [2]. 3.7 Industry News - The US ISM manufacturing index in August rose slightly from 48 in July to 48.7, below the market expectation of 49, remaining below the boom - bust line for six consecutive months. The new order index expanded for the first time since the beginning of this year, but the output index fell back into the contraction range. The employment index rose, and the price - paid index declined. After the data release, the probability of a September interest - rate cut rose above 90%, and the US dollar index rebounded. - The central bank's liquidity injection in August showed a net MLF injection of 300 billion yuan, a net PSL withdrawal of 160.8 billion yuan, and a net outright reverse - repurchase injection of 300 billion yuan, with no open - market treasury bond trading. - US President Trump said he would appeal to the US Supreme Court regarding the global tariff case and warned of a "perhaps unprecedented shock" if he loses the appeal. - The eurozone CPI in August rose 2.1% year - on - year, higher than the expected 2%. The core CPI declined slightly, and the service - price increase slowed down. An ECB hawkish official said the ECB should suspend interest - rate cuts due to upward inflation risks. - On September 2, Chinese President Xi Jinping held talks with Russian President Vladimir Putin. The two sides signed more than 20 bilateral cooperation documents in various fields [2].

Report Industry Investment Rating No relevant information provided. Core Insights of the Report - The Fed is expected to restart the easing cycle. Powell's dovish stance at the global central bank meeting paves the way for a September rate cut, making the path of overseas inflation more straightforward [2]. - The current commodity fundamentals are still weak, and caution should be exercised regarding the implementation of policy expectations. Commodity price volatility may remain high [2]. - With the continuous increase in risk aversion and rate - cut expectations, the prices of gold and silver have reached record highs [2]. Summary by Relevant Catalogs Market Analysis - In August, there were initial signs of rising overseas inflation. Global economic data in July remained resilient. China's official manufacturing PMI in July dropped to 49.3, while non - manufacturing remained in expansion. China's exports in July increased by 7.2% year - on - year in US dollars, higher than expected [1]. - The State Council emphasized measures to stabilize the real estate market, and the government plans to expand service consumption and investment. China's official manufacturing PMI in August slightly rebounded to 49.4, and non - manufacturing accelerated its expansion [1]. - On September 2, A - shares fluctuated and adjusted throughout the day, with the three major indices closing down. The basis of IC and IM futures of stock indices has widened, and subsequent basis changes and risks should be monitored [1]. - In the US, the ISM manufacturing PMI in August was 48.7, with the contraction rate of manufacturing activities slightly slowing down. The "Big Beautiful" Act may support subsequent consumption, and attention should be paid to the further transmission and verification of overseas inflation [1]. Fed and Global Central Banks - Powell's dovish speech at the global central bank meeting on August 22 increased the downward risk of employment, which may lead to a policy adjustment. He also abandoned the 2020 flexible average inflation target framework [2]. - The New York Fed President Williams believes that if the neutral interest rate is 1% or slightly lower, the current situation is in a restrictive area. Trump threatened to remove Fed Governor Cook, and the Fed stated that the removal needs "just cause" [2]. - The European Central Bank's July meeting minutes showed that officials considered inflation risks to be "generally balanced." The preliminary annual CPI rate in the eurozone in August was 2.1%, slightly higher than the previous month, supporting the ECB to maintain the status quo [2]. Commodity Market - Domestically, the black and new energy metal sectors are most sensitive to the supply - side. Overseas inflation expectations can focus on precious metals and agricultural products [2]. - The black sector is still dragged down by downstream demand expectations, and attention should be paid to the "anti - involution" situation. The supply constraints in the non - ferrous sector have not been alleviated, and the government will regulate the photovoltaic industry [2]. - In the medium - term, the supply of energy is expected to be relatively loose, with OPEC+ accelerating production increases. In the chemical sector, the "anti - involution" space of some varieties is worthy of attention [2]. - Agricultural products are currently driven by tariffs and inflation expectations, but they still need fundamental signals and attention should be paid to Sino - US negotiations [2]. Key News - The central bank's liquidity injection in August included a net MLF injection of 30 billion yuan, a net PSL withdrawal of 16.08 billion yuan, and a net injection of 30 billion yuan through repurchase agreements [4]. - The ceremony commemorating the 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War will be held on September 3, with the parade lasting about 70 minutes [4]. - The overall market fluctuated and adjusted, with more stocks falling than rising. The trading volume exceeded 2.91 trillion yuan. The Shanghai Composite Index fell 0.45%, the Shenzhen Component Index fell 2.14%, and the ChiNext Index fell 2.85% [4]. - The US ISM manufacturing index in August was 48.7, with new orders and other sub - indices showing different trends [4]. - The preliminary annual CPI rate in the eurozone in August was 2.1%, and the core CPI also showed certain changes [4]. - The yield of UK long - term government bonds reached the highest level since 1998, putting pressure on the government. US stocks before the market opened saw a decline in European and US stocks, a surge in long - term bond yields, and a rise in gold prices [4].

Core Viewpoint - The recent dismissal of Federal Reserve Governor Lisa Cook by Trump has sparked significant market and public reaction, indicating a potential power struggle over monetary policy control [1][3] Group 1: Political Implications - Trump's actions are perceived as a deliberate attempt to exert control over the Federal Reserve, aiming to shift monetary policy decision-making to the White House [1] - The independence of central banks is under threat, as highlighted by Lagarde's warning that any erosion of this independence poses serious risks to both the U.S. and global economies [3] - The legal framework surrounding the Federal Reserve allows for political maneuvering, as the term "for cause" for dismissal is not clearly defined, creating a space for political battles [1][3] Group 2: Market Reactions - The market is responding to potential interest rate cuts, with futures indicating a high probability of a 25 basis point cut in September, aligning with Trump's demands but driven by different motivations [5] - The current economic context includes a significant national debt of $37 trillion, increasing interest burdens, and a struggling housing market under high rates, prompting calls for quicker monetary easing [5] Group 3: Financial Stability Concerns - The independence of the Federal Reserve is crucial for financial stability, as any perceived political interference could undermine trust in U.S. debt and the dollar as a global reserve currency [7] - Historical examples from other countries, such as Turkey, illustrate the dangers of politicizing central banks, leading to inflation and currency depreciation [3][7] - The ongoing situation raises concerns about the long-term credibility of U.S. monetary policy, as any shift in perception could lead to increased market volatility and a loss of investor confidence [5][7]

Core Viewpoint - The recent dismissal of Federal Reserve Governor Cook by Trump and moderate PCE data have heightened expectations for interest rate cuts, leading to a rise in U.S. stocks and a decline in bond yields. However, a sell-off in tech stocks caused a reversal, with the S&P 500 and Nasdaq indices closing down by 0.10% and 0.19% respectively. The revised Q2 GDP data exceeded expectations, driven by business investment, while analysts have raised their growth forecasts for Q3 U.S. economy [2][3][4]. Major Assets - Trump's dismissal of Federal Reserve Governor Cook raised concerns about the independence of the Fed. The July PCE data met expectations, further increasing rate cut anticipations. The 10-year U.S. Treasury yield fell by 2.53 basis points to 4.228%, while the 2-year yield dropped by 7.96 basis points to 3.617%. The dollar index decreased by 0.06% to 97.77, and spot gold prices rose by 2.26% to $3447 per ounce [3][4]. Overseas Economy - The Q2 GDP revision for the U.S. was +3.3%, surpassing the expected +3.1%, with fixed asset investment contributing significantly. Analysts have slightly upgraded their Q3 growth forecasts, with the Atlanta Fed's GDPNow model predicting +3.5% and the New York Fed's Nowcast model at +2.22%. Inflation expectations have been adjusted, with analysts forecasting a CPI growth rate of 2.9% for Q3 [4][5]. Overseas Politics - Trump's dismissal of Cook is unprecedented since the Fed's establishment in 1913, raising concerns about the Fed's independence. Cook has filed a lawsuit against Trump, which is expected to reach the Supreme Court. Additionally, a federal appeals court ruled that Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs was illegal, although tariffs will remain in effect until October 14, allowing time for an appeal [5].

Report Information - Report Type: Precious Metals Monthly Report - Date: September 1, 2025 - Research Team: Macro Financial Research Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The long - term bull market of gold is supported by the hedging demand and reserve diversification demand due to the restructuring of the international trade and monetary system. The medium - term bull market is supported by economic growth weakness and central bank interest - rate cut expectations caused by Trump's reforms. In the short term, gold is expected to break through the $3,500/ounce mark and start a new upward trend. Silver, with strong industrial attributes, will also rise and may outperform gold. Investors are advised to maintain a bullish trading approach, and short - hedgers can reduce the hedging ratio [5]. Section Summaries 1. 2025 January - August Precious Metals Trend Review - Gold started a new upward trend in late December 2024 due to factors such as festival consumption expectations in China and India,避险需求, and US economic stagflation risks. In early April, the release of Trump's tariff details caused gold to fall to $2,956/ounce, but then it soared to $3,500/ounce due to multiple hedging demands. After that, gold traded in the range of $3,120 - $3,500/ounce. In August, gold rebounded and reached a new closing - price high on August 29. In 2025, London gold and silver rose 29.4% and 33.5% respectively, and Shanghai gold and silver futures indices rose 26.4% and 24.4% respectively [7][10]. - In June, funds flocked to silver, platinum, and palladium. Silver reached a 15 - year high of $39.52/ounce on July 23. The correlations between gold and the US dollar index, US Treasury real - interest rates, crude oil, and silver have all changed [9][10]. 2. Influence Factor Analysis 2.1 US Employment Market Weakens and Inflation is Moderate - In July 2025, US non - farm payrolls increased by 73,000, significantly lower than the expected 104,000. The unemployment rate rose, but the Sahm indicator was far below the recession threshold. Overall, the employment market deteriorated, giving the Fed a reason to restart interest - rate cuts without causing market panic about a recession. In July, the overall CPI remained at 2.7%, the core CPI rose to 3%, and the PPI increased by 0.9% month - on - month [11][14][15]. - Tariff threats pushed up inflation expectations and depressed consumer confidence. In May, 1 - year and 5 - year inflation expectations reached their highest levels since 1982, and the consumer confidence index hit a three - year low. After June - July, inflation expectations eased, but they rebounded in August [17][18]. 2.2 The Fed Hints at Restarting Interest - Rate Cuts - Fed Chairman Powell's speech at the Jackson - Hole meeting in August was seen as opening the door for a September interest - rate cut. The market expects an 81.9% probability of a 25 - basis - point cut on September 17, a 43.5% probability of another 25 - basis - point cut on October 29, and 80.2% and 33.3% probabilities of 50 - basis - point and 75 - basis - point cuts this year respectively [19]. - Trump has been attacking the Fed. He has made personnel changes at the Fed, increasing his influence. The market expects the Fed to cut interest rates by 75 basis points from January to July 2026, with the federal funds rate dropping to 3 - 3.25% by July 30 [20][21][22]. 2.3 Trade Policy Developments - The high - tariff suspension period between China and the US was extended to November 9. Trump imposed new tariffs on India and threatened to impose tariffs on imported furniture, but the impact of new tariff measures on the market is small [24]. - The US and the EU reached a trade agreement, including tariff adjustments, energy and chip purchases, and investment cooperation [25][26]. 2.4 US Dollar Exchange Rate and US Treasury Yields - US Treasury 10 - year yields have fluctuated. It is expected that the 10 - year Treasury yield will continue to steepen in the second half of 2025, with a core fluctuation range of 4 - 5%. The US dollar index is expected to first decline and then rise, with a core range of 95 - 105. The RMB - US dollar exchange rate is expected to first rise and then fall, with a core range of 7.1 - 7.4 [27][30][31]. 2.5 Gold Supply, Demand, and Market Structure - Gold and silver ETF holdings have rebounded since 2025. As of August 27, SPDR Gold ETF holdings were 962.5 tons, and SLV Silver ETF holdings were 15,275 tons. In the week of August 19, non - commercial institutions adjusted their positions in gold and silver futures and options, with the gold fund net - long ratio dropping to 31.3% and the silver fund net - long ratio rising to 223.4% [32][34]. 3. Precious Metals Price Outlook - In the long term, geopolitical risks and the restructuring of the trade and monetary system support the upward movement of the gold price center. In the medium term, economic growth weakness and interest - rate cut expectations keep the gold price strong. In the short term, gold is expected to break through $3,500/ounce and start a new upward trend [35][39].

Core Viewpoint - The recent dismissal of Federal Reserve Governor Cook by Trump and the mild PCE data have heightened expectations for interest rate cuts, leading to a rise in U.S. stocks and a decline in bond yields. However, a sell-off in technology stocks caused a reversal in stock gains, with the S&P 500 and Nasdaq indices closing down by 0.10% and 0.19% respectively [1][2]. Group 1: Major Asset Movements - The announcement of Cook's dismissal raised concerns about the independence of the Federal Reserve, while the July PCE data met expectations, further increasing rate cut anticipations. The 10-year U.S. Treasury yield fell by 2.53 basis points to 4.228%, and the 2-year yield decreased by 7.96 basis points to 3.617%. The dollar index dropped by 0.06% to 97.77, while spot gold prices rose by 2.26% to $3447 per ounce [2][3]. Group 2: Economic Indicators - The U.S. Q2 GDP revision showed a seasonally adjusted annual rate of +3.3%, exceeding the expected +3.1%. Fixed asset investment's contribution was revised up from +0.08% to +0.59%, and consumption's contribution was adjusted from +0.98% to +1.07%. Analysts have slightly raised their Q3 growth expectations, with the Atlanta Fed's GDPNow model predicting +3.5% for Q3 [3][4]. Group 3: Political Developments - Trump's dismissal of Cook is unprecedented since the Federal Reserve's establishment in 1913, raising market concerns about the Fed's independence. Cook has filed a lawsuit against Trump, and the case is expected to reach the Supreme Court. Additionally, a federal appeals court ruled that Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs was illegal, although tariffs will remain in effect until October 14 [4][5].

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年9月1日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 黄金 1、基本面：美国PCE数据符合预期，金价大幅走高；美国三大股指全线收跌，欧洲 三大股指收盘全线下跌；美债收益率涨跌不一，10年期美债收益率涨2.31个基点报 4.224%；美元指数跌0.02%报97.85，离岸人民币对美元小幅升值报7.1523；COMEX黄 金期货涨1.20%报3516.10美元/盎司；中性 6、预期：今日关注中欧8月制造业PMI、欧元区7月失业率、2025年上海合作组织峰 会。美国PCE数据符合预期，市场认为通胀压力有限，叠加美联储委员放鸽，特朗普 加大施压美联储，降息预期继续升温，金价扩大涨幅。沪金溢价维持至-0.4元/克。 临近9月美联储会议，影子美联储鸽派预期高涨，金价偏强。 2 ...

Core Viewpoint - The international gold price has rebounded for the second consecutive week, approaching previous horizontal resistance levels, with a potential target of $3533 in the near term, despite some pullback risks [1][5]. Price Movement - Gold opened at $3371.93 per ounce at the beginning of the week, recorded a low of $3351.20 on Tuesday, and subsequently rebounded to reach a high of $3453.75, closing at $3449.09, marking a weekly increase of $77.16 or 2.29% [3][9]. - The weekly price fluctuation was $102.55, indicating strong volatility in the market [3]. Market Influences - The rebound in gold prices was supported by buying interest at the mid-band and 60-day moving averages, alongside increasing concerns regarding the independence of the Federal Reserve [3][5]. - Federal Reserve Governor Waller's support for a 25 basis point rate cut in September, along with favorable consumer confidence and inflation expectations, contributed to the bullish sentiment in the gold market [3][5]. Future Outlook - The gold market is expected to maintain a bullish outlook, with the potential for further price increases due to ongoing geopolitical uncertainties and the likelihood of a rate cut cycle from the Federal Reserve [5][7]. - The market is currently positioned above several moving averages, indicating a favorable environment for potential bullish entries upon any pullbacks [5][9]. Technical Analysis - The gold price is anticipated to face resistance around $3455 to $3470, while support levels are identified at $3425 and $3400 [10]. - The Bollinger Bands are expanding upwards, suggesting a higher probability of price increases in the near future [5][7].