黄金上周强势逆袭，3300上方高歌猛进，一路狂飙后，涨势放缓，进入震荡上行的阶段，继续看涨挑战 3400关口。 今天的走势 昨天破高后，再次休整。 先看休整力度，下看3365的位置。 此位置反弹，上方延续，破高看到3400的关口。 再次决战3400，涨破看到3435的阻力。 当然了，面临3400的位置，再遇阻调整。 下方再次试探3365的位置，看调整的过程。 昨天主要因素： 一方面，美关税又进入了倒计时阶段，距离正式对等关税越来越近，特朗普迫不及待，又开始了霸凌模 式，一言不合就是提高关税，美日，美英，美欧之后，又把枪口对准了印瑞，单方面升级关税，大幅施 压，利好黄金反弹。 另外一方面，面对就业市场的表现，特别是失业率不断升温，联邦统计和美联储主帅都成了高危职业， 特朗普又开始找美联储主席接班人了，逼宫鲍威尔，而且美联储内部分歧加剧，9月降息升温，特别是 年内或至少降息2次，持续推升黄金上涨。 今天消息面 下方若持续回调，跌破了3365的位置。 延续回调，持续看到3325的支撑。 黄金连涨4个月，特别是4月加速上涨，冲高刷历史新高后。到7月收官，再次迎来连续3个月高位调整， 整体围绕3300关口多空争夺。到本 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on gold and copper, suggesting a short - term bullish outlook for both metals [1]. 3. Summary by Relevant Catalogs Gold - **Price Performance**: New York gold has again exceeded the $3400 mark, and Shanghai gold has exceeded the 785 yuan mark. Since July, the US dollar index has rebounded and showed a high - level decline yesterday, facing pressure at the 60 - day moving average [3]. - **Viewpoints**: Short - term view is upward, medium - term is sideways, and intraday is sideways - bullish. The overall reference view is short - term bullish [1][3]. - **Core Logic**: The decline of the US dollar is beneficial to the gold price. As the Fed's interest - rate meeting on July 30 and the important US tariff time point on August 1 approach, market risk appetite may decline. Technically, gold has broken through the sideways high since July with strong upward momentum [1][3]. Copper - **Price Performance**: Last Friday night, Shanghai copper increased positions and rose, with the main contract price exceeding the 79,000 yuan mark. On Monday, it continued to increase positions and rise during the day, approaching the 80,000 yuan mark and maintaining a strong performance at night. The monthly spread of Shanghai copper has been weakening, in line with the macro - market feature of near - term weakness and far - term strength [5]. - **Viewpoints**: Short - term view is upward, medium - term is upward, and intraday is upward. The overall reference view is short - term bullish [1][5]. - **Core Logic**: After the market digested the impact of US tariffs, the improvement of domestic and international macro - economies has pushed up the copper price. Good US economic data last Thursday and the upcoming release of a growth - stabilization plan for ten key industries in China have led to a general rise in commodities. On the industrial level, with the continuous emergence of domestic macro - positives, industrial expectations may improve, and the inventory of electrolytic copper decreased significantly on Monday [1][5].