从技术结构来看，金价仍处区间震荡格局。下方支撑重点关注 4163–4164 区域，若被有效跌破，空头可 能尝试将价格推向 4100–4085 区域的技术密集带，该带包含 4 小时 200 周期 EMA 以及自 10 月下旬延 伸的上升趋势线。上方方面，4245–4250 区间仍是短线最重要阻力，一旦突破，有机会进一步测试 4277–4278，并向 4300 整数位延伸，这将被视为多头重新掌控主动的信号。 周四欧洲早盘，黄金整体呈弱势整理态势，价格稳定在 4200 美元下方。随着市场风险偏好升温、美元 在阶段低点附近出现企稳迹象，金价在双重因素影响下难以走出明确趋势。尽管没有出现快速下挫，但 在关键通胀数据即将公布之际，投资者普遍保持谨慎，周线低位一带的支撑仍是多空争夺的主要区域。 与此同时，对于美联储下周降息的预期持续升温，使得贵金属下方空间受到一定保护，整体呈现防守性 整理。 周四早盘，在欧美股市延续反弹的带动下，市场整体情绪偏向积极，黄金出现一定压力。美元指数自周 三低位反弹，进一步加大了金价上行的阻力。避险情绪减弱后，XAU/USD 短线有所回调，但仍稳在本 周低点上方，说明多头在关键支撑区域保持了一定 ...

Core Viewpoint - Global market risk appetite continues to rise, with US stocks reaching historical highs as investors focus on upcoming retail data and prepare for the widely expected first interest rate cut by the Federal Reserve this year [1]. Group 1: Market Performance - Asian stock markets have reached record highs, while European stocks opened mixed, and US stock index futures are collectively rising [1][2]. - The S&P 500 index has surpassed the 6600-point mark [2]. - The MSCI Asia stock index has achieved a historical high and is on track for its best consecutive gains in nearly five years [3]. Group 2: Economic Indicators - August retail sales data is expected to grow by 0.2%, which will provide critical reference for Federal Reserve decision-making [1]. - There is a general expectation of a 25 basis point rate cut on Wednesday, with some investors considering the possibility of a 50 basis point cut [1]. Group 3: Bond Market - US Treasury prices have risen, with the 10-year yield dropping by 1 basis point to 4.03% as investors bet on an impending rate cut cycle by the Federal Reserve [4][6]. - The 10-year Treasury yield is reported at 4.029%, reflecting a slight decrease [6]. Group 4: Commodity Market - Spot gold has increased by $7, currently reported at $3694 per ounce, approaching the $3700 mark [6]. Group 5: Currency Market - The US dollar has fallen to its lowest level against all major currencies since July [9].