Core Viewpoint - The gold market continues to show a bullish trend, supported by expectations of interest rate cuts and ongoing geopolitical uncertainties, despite facing some resistance near target levels [1][3]. Market Performance - International gold prices opened at $3686.98 per ounce, reached a weekly low of $3683.62, and then rebounded to a new historical high of $3790.68 before closing at $3762.45, marking a weekly increase of $75.47 or 2.05% [1][3]. - The weekly price fluctuation was $107.06, indicating significant volatility in the market [1]. Influencing Factors - A strong expectation of a 90% chance for the Federal Reserve to cut rates in October weakened the dollar's appeal, driving funds into the gold market [3]. - Geopolitical uncertainties and a recent agreement between the EU and the US on tariffs contributed to a decrease in market risk appetite, impacting gold prices [3]. - Positive economic indicators, such as a drop in initial jobless claims and an upward revision of Q2 GDP, led to a rebound in the dollar index, which pressured gold prices [3]. Future Outlook - The market is expected to focus on upcoming economic data, including the US August pending home sales index and the Dallas Fed business activity index, which are anticipated to be bearish for gold prices [5]. - Despite short-term adjustments, the overall bullish trend for gold remains intact, with expectations of further price increases if resistance levels are broken [6][8]. - The long-term outlook suggests a potential target of $4200 per ounce, driven by continued central bank gold purchases and geopolitical uncertainties [5][6].

Group 1 - The geopolitical tensions in the Middle East have heightened market risk aversion, leading to a new high in gold prices over the past two months [1] - Weak inflation data from the US has reinforced market expectations for a more accommodative monetary policy from the Federal Reserve, increasing the attractiveness of gold assets [1] - Upcoming events, including the Federal Reserve's interest rate decision and Chairman Powell's speech, are expected to influence gold prices significantly [1] Group 2 - A trading strategy suggests buying gold on a pullback to the 3420-3415 range, with a stop loss at 3407 and a target of 3440-3460 [2] - Technical analysis indicates a critical resistance zone at 3455-3460; failure to break this level may lead to a technical pullback [3] - Key support levels to monitor include 3420, which is a short-term pivot point, and 3410-3405, which is a critical trend support level [3]