换资前言： 黄金技术面分析：黄金昨天走出过山车行情，日内震荡上涨，晚间急速拉升至4133附近受阻回落，再次 回到原点，日线最终收十字星。结合昨天收线，今天倾向反弹空操作，今天早盘再次冲高回落，尽管两 个交易日均收报阳线，但整体并未形成极强的单边上行格局。日线结构上来看，前两日黄金虽收阳线， 但依然只是对此前连续下跌后的消化过程，且幅度均有限，这就使得日线结构有形成下跌中继形态的趋 向。而随着美联储基调转鹰，美政府停摆结束后，一系列迟来的数据将公布，市场对待黄金的态度也或 有转向可能，即预期数据可能打压黄金走强，甚至带动黄金进行一波深度的调整行情。指标层面，均线 系统排列较为紊乱，当前参考价值相对有限，短期需重点关注周二低点 3998 支撑，以及早盘高点 4110 区域的阻力表现。 结合小时图走势，日内白盘时段黄金可先看区间震荡，区间上沿4110附近，下沿4040-30附近。在此之 前，4100整数关口可以重点关注，而技术上还是更倾向于调整回修，所以下方短支撑可扩展至4030附 近，至于晚间非农数据，届时根据实际情况再做调整，但是也保留非农数据前，市场因预期情绪影响而 提前下破的可能，今晚迎来停摆后的首次非农数 ...

平安证券指出，黄金现货价格受短期预期波动影响呈现震荡，但中长期走势看好。美国政府结束"停 摆"后财政扩张预期抬升，金价周内上行，但市场对美联储降息节奏的担忧导致周五夜盘价格下挫。长 期来看，美国债务问题未解，美元信用走弱的主线逻辑持续，黄金的货币属性处于抬升趋势。海外宏观 不确定性持续，中期黄金避险属性仍处于放大阶段，黄金中长期走势值得期待。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金基金ETF（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in gold-related investments, particularly the gold stock ETF (517400), which rose by 4.55%, and the London spot gold price returning to $4,100 per ounce, indicating a V-shaped recovery in gold prices over the past two days [1] - The long-term drivers for gold prices remain unchanged, with factors such as the expectation of the Federal Reserve starting a rate-cutting cycle, increasing macroeconomic uncertainties overseas, and a global trend towards de-dollarization providing support for gold prices [1] - According to a Morgan Stanley report, global central banks are projected to net purchase 220 tons of gold by Q3 2025, reflecting a 30% quarter-on-quarter increase, while China's central bank has increased its gold reserves to 74.09 million ounces, marking the twelfth consecutive month of accumulation [1] Group 2 - Investors focusing on the gold sector are encouraged to consider gold fund ETFs (518800) and gold stock ETFs (517400), with the former directly investing in physical gold and benefiting from tax advantages post-gold tax reform, while the latter is linked to the CSI Hong Kong-Shenzhen Gold Industry Index, which exhibits high volatility and potential for greater returns during gold price increases [2]

2025年，黄金无疑是最受欢迎的资产之一。 在这样的"黄金大年"里，你的黄金投资收益几何？又打算如何应对近期的金价"过山车"？快来投个票， 分享你的黄金投资感受吧~ 作者：朱妍 Choice数据显示，截至11月18日，COMEX黄金涨幅达到54.11%，多只黄金ETF涨逾70%。同时，资金 快速流入黄金类资产，境内黄金类ETF规模已逼近2360亿元，是去年末的3倍有余。在近期COMEX黄金 每盎司价格重回4200美元，又砸回4000美元的过程中，乐观的声音依然不绝：摩根士丹利预计，2026年 黄金价格将达到每盎司4500美元。 ...

外面风波不断，大盘震荡不前？别怕！还有黄金！国际局势云谲波诡，A股在4000点下方反复震荡，无数投资者的心随之悬停，而一个悄然的价值洼地正在 形成——黄金股。美国总统特朗普声称已确定美联储主席人选，为全球市场再添变数；国内A股市场近期持续震荡，上证指数在3946点附近徘徊，两市超 4100只个股下跌，市场呈现"指数稳、个股弱"的格局。就在这一片迷雾中，黄金却悄然展现出其独特魅力：现货黄金回升至4090美元/盎司上方，沪金主力 合约午后直线拉升涨超1%。黄金概念股也在19日午后震荡回升，板块上涨1.22%。01 国际上不断，全球市场暗流涌动近期，国际政治经济局势波诡云谲， 给全球资本市场蒙上了一层阴影。美国政府结束长达43天的关门状态，却未能有效提振市场信心。更为关键的是，特朗普公开表示已确定下一任美联储主席 人选，这一决定将直接影响未来全球流动性走向。美联储内部也传出分歧声音，多名官员释放鹰派信号，导致市场对12月降息的预期已降至40%左右。这种 不确定性正搅动全球资金流向，也让投资决策变得更加复杂。02 大盘震荡不前，A股市场艰难寻底受外部环境影响，A股市场近期表现疲软。截至11月19 日，上证指数收于39 ...

来源|财联社 随着近日市场调整对美联储降息的预期，美债收益率上升，美元上涨，黄金价格也随着承压回落。不过，高盛认为，支撑黄金的因素直至明年都将继 续提供支撑，使得此次回调相对短暂，尤其是考虑到各国央行仍是大买家。 美东时间周一，高盛在分享给客户的研究报告中写道： "上周黄金价格大幅上涨，上周一亚洲交易时段内一度以垂直走势上涨约25美元，随后上涨近6%，但在上周五金价出现回调，跌落至约4100美元。 上周一价格的上涨时间、幅度和速度与亚洲央行的买入行为相符。" 高盛分析师表示，他观察到全球央行的黄金购买量仍在持续增加，并将持续强劲态势直至明年。 高盛银行预计， 从2025年第四季度到2026年，各国央行每月平均将购买80吨黄金。 该银行估计，卡塔尔在9月份购买了20吨黄金，阿曼购买了7吨，中国购买了15吨。 总体而言，各国央行的购金速度使得高盛坚持其预测，即到2026年底，黄金价格将涨至4900美元。 高盛还表示，散户的力量也不容小觑：如果全球散户投资者将黄金纳入投资组合的趋势持续下去，金价可能会进一步上涨。 高盛分析师们写道：央行购金量的增加，加上自2022年年中以来最大的单月黄金西方ETF资金流入量（112 ...

每经AI快讯，11月19日，现货黄金日内涨幅扩大至1%，报4108.5美元/盎司。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Viewpoint - The recent end of the longest government shutdown in the U.S. has shifted market focus back to the Federal Reserve's monetary policy and the impact of tariffs on inflation, with gold prices experiencing volatility in response to changing interest rate expectations [1][2]. Economic Data and Trends - The resumption of the U.S. government has led to the scheduled release of key economic data, including September non-farm payrolls and the PCE price index, which are expected in mid-November [2]. - The October ISM manufacturing PMI unexpectedly dropped to 48.7, indicating widespread weakness in the manufacturing sector, while the services PMI rose to 52.4, suggesting resilient demand despite increasing inflationary pressures [2]. - The October ADP employment report showed an increase of 42,000 jobs, the highest since July, but another high-frequency employment indicator revealed a loss of 45,000 jobs, marking the largest monthly decline since March 2023 [6]. Consumer Confidence and Inflation Expectations - The preliminary consumer confidence index for November fell to 50.3, the lowest level since June 2022, with inflation expectations slightly rising to 4.7% [6]. - The ongoing government shutdown has further deteriorated consumer confidence, while inflation expectations remain elevated due to tariffs and other economic pressures [6]. Federal Reserve Policy Outlook - There is significant division among Federal Reserve officials regarding the decision for a potential rate cut in December, with some citing increased risks in the labor market and others emphasizing the need for more economic data [7]. - Market expectations for a December rate cut have decreased from 90% to around 45% recently, reflecting uncertainty in the economic outlook [7]. Gold Market Dynamics - Global geopolitical tensions and economic downturn risks have led to increased demand for gold, with total global gold demand rising to 1,258 tons in Q3 2025, a 16% increase from Q2 [9]. - Central banks, particularly in China, India, Turkey, and Poland, have continued to increase their gold reserves, with China's reserves reaching 2,304.5 tons by the end of October [9]. - The investment landscape for gold is expected to shift as more central banks increase their holdings, potentially driving precious metals back into a bull market in the medium to long term [10].

Core Viewpoint - Recent fluctuations in gold prices have raised concerns among investors, indicating a shift from a consistent upward trend to increased volatility and uncertainty in the market [2][4]. Market Dynamics - Gold prices have recently experienced a decline due to several factors, including hawkish comments from Federal Reserve officials regarding inflation, which have dampened expectations for interest rate cuts [4]. - The end of the U.S. government shutdown has also reduced the short-term appeal of gold as a safe-haven asset [4]. - Market sentiment is divided, with some investors locking in profits while others continue to believe in the upward trend, leading to increased volatility in gold prices [4]. Long-term Outlook - Despite short-term caution, the long-term outlook for gold remains optimistic due to ongoing global geopolitical uncertainties and central bank purchasing trends [7][8]. - Central banks continue to show strong interest in gold, with a reported net purchase of 220 tons in Q3 2025, reflecting a 30% increase from the previous quarter [7]. - China's central bank has also been increasing its gold reserves for twelve consecutive months, indicating a sustained demand for gold as a strategic asset [7]. Investment Strategies - Recent tax policy changes in China have made gold ETFs more attractive, as they are exempt from value-added tax, potentially shifting investor interest away from physical gold purchases to more tax-efficient investment vehicles [10]. - Investors are encouraged to consider gold ETFs and other exchange-traded products as a balanced approach to participating in the gold market while minimizing tax burdens [10].

昨天先4005附近，多单获利。 同时，晚间再次4002附近，再次多单获利。 昨晚突涨，坐地反弹。 来到4100附近，或再遇阻。 上方先看4100的得失，再破，上方看涨延续， 再穿4100，而且关注4142的阻力。 黄金三连跳，昨天直接砸到地面，上演快速反弹。V转大涨超80美金，反弹强劲，看战过延续，上方再 战4100的关口。 操作方面，黄金疯狂跳水后，迎来止跌，整体看承压调整，关注4100和4142做空的机会。此外，黄金强 势反弹，短期内看反弹延续，关注4055和4000做多的机会。 昨天主要因素： 一方面，日央行丢核弹，全球资产集体慌了。日央行表态不改加息的意图，意味着收紧货币政策。加上 美9月和10月数据集体缺失，引发的市场不确定性升温，全球资本逃亡，黄金也没能幸免，延续回调。 另外一方面，美政府结束停摆，积极抢救数据，失业金没有悬念，出现了大幅上修，更重要的是小非农 ADP数据不断减少，再次冲击劳动力市场疲软表现，美元突跌，利好黄金大幅反弹。 今天消息面 当然了，4100再遇阻。 今天的走势 下方调整，或再探4055的位置。 关注此位置支撑反弹，看两个区域范围内的调整，以及挑战4100的关口。 反弹不延 ...