Core Viewpoint - Gold and silver prices have recently experienced a significant pullback after a strong upward trend, primarily due to profit-taking and external factors such as a rebound in the US dollar index and a decline in international crude oil prices [1][2] Group 1: Market Dynamics - The recent decline in gold and silver prices is viewed as a technical correction rather than a trend reversal, with the overall market structure remaining relatively healthy in the medium to long term [1] - A "key reversal" pattern has emerged in the gold and silver futures market, indicating potential top signals as both daily highs and lows have breached the previous day's range [1][2] - The market is currently in a sensitive phase of a tug-of-war between bulls and bears, with critical resistance and support levels determining the next directional move [2] Group 2: Investment Sentiment - Despite recent volatility, gold and silver maintain long-term value as traditional safe-haven assets, with the global macro environment still filled with uncertainty [2] - Historical trends suggest that the latter stages of a bull market often feature both accelerated price increases and significant volatility, indicating that while a market top may be approaching, there is still potential for further price appreciation [2][3] - Investors are advised to balance long-term bullish outlooks with short-term adjustment risks, managing positions carefully to capitalize on more favorable opportunities during the consolidation phase [3]

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 山西证券指出，7月非农数据超预期疲软及5月、6月数据大幅下修引发市场对美国劳动力市场的担忧， 反映出经济基本面下行压力。随着美联储重启降息预期升温（市场预计9月、10月、12月各降息 25bp），美元指数波动加剧，伦敦金现周涨0.79%。在此背景下，分析师认为应把握黄金配置窗口期， 并看好弱美元周期下贵金属的避险价值。同时，流动性宽松预期及经济不确定性或对有色金属行业形成 支撑。 黄金股票ETF（517400）跟踪的是SSH黄金股票指数（931238），该指数主要选取涉及黄金开采、生产 及销售相关业务的上市公司证券作为指数样本，覆盖黄金行业上下游企业，以反映黄金相关上市公司证 券的整体表现。该指数具有显著的周期性行业特征，其走势与全球经济形势及贵金属价格波动密切相 关。 没有股票账户的投 ...