Group 1 - Gold prices continued to fluctuate after reaching high levels, with a slight drop of 0.23% to $3673.40 per ounce, marking a three-day decline [1] - The U.S. August CPI data came in at 2.9% year-on-year, matching expectations, while the month-on-month CPI was 0.4%, slightly above the expected 0.3% [1] - Initial jobless claims rose by 27,000 to 263,000, the highest level since October 2021, indicating signs of economic slowdown [1] Group 2 - Citic Futures noted that the recent CPI data met expectations, and the increase in weekly jobless claims further cleared obstacles for potential interest rate cuts [2] - The market remains dominated by dovish expectations, with gold prices expected to maintain an upward trend in the short term [2] - There is a strong expectation for a 75 basis point rate cut within the year, although there is still debate regarding the rate cut space for next year [2]

黄金今天小幅度震荡，第一是昨天收取一根阴十字，第二是今天也没啥消息数据，基本就运行在昨日高低点之间，波动区间目前也就20个美元，昨天波动区 间35美元。 从当前盘面来看，预计黄金还要震荡，日内高点3345区域是短期趋势压力，今晚多空分界线，反弹不破还要低位折腾，向上突破则将大概率走强，进一步关 注3358~60重点阻力区域，这也是今天早上文章强调的位置，多空重点争夺的位置。 下方的话，昨日以及今日低点构成重点支撑，没有利空消息推动的话是难以下破的，晚间大概率还是震荡运行；意外下破关注测试3315区域或3300大关再反 弹。操作上，建议3330即下方低多为主，上方3345区域及3358~60压制测试及突破情况。参考制定交易策略，盘中我们及时跟进。 上述个人观点，仅供参考，不作操作依据。 ...

Core Viewpoint - The gold price (XAU/EUR) is currently experiencing a narrow trading range between 2875 (recent low support) and 2906 (clear resistance), indicating a potential upcoming breakout after seven days of limited movement [3]. Group 1: Price Action and Key Levels - Gold price is tightly constrained within the range of 2875 and 2906, with a notable lack of effective breakthroughs [3]. - The 2884-2888 area has emerged as a significant short-term support zone, where the price has rebounded multiple times [3]. - The resistance at 2906 remains strong, with previous attempts to break above this level failing to hold [3]. Group 2: Trading Strategies - A strategy of waiting for the price to reach the 2884-2888 support zone is recommended, looking for bullish reversal patterns before considering a long position [5]. - If the price firmly establishes above the 2906 resistance, it could signal a strengthening short-term trend [5]. - Strict risk management is advised, with a warning to exit positions if the price falls below the 2884 support [5]. Group 3: Market Dynamics - The longer the price remains in this narrow range, the stronger the potential momentum for a breakout [7]. - Market volatility will not cease due to waiting; each breakout or reversal tests traders' ability to interpret signals accurately [9]. - Tools like ebuytech can assist in identifying key market signals by integrating multidimensional data, making it easier to capture hidden signals within price movements [9].

Core Viewpoint - Recent fluctuations in gold prices have led to increased caution among institutional and individual investors regarding gold asset allocation, particularly with a notable outflow from gold ETFs [1][5][6] Price Fluctuations - Gold prices experienced a rebound after a decline from May 7 to May 19, with the London spot gold price reaching a high of $3345.4 per ounce on May 22, marking a 3.31% increase from May 20 to 22 [2][3] - The previous two weeks saw a significant drop of 5.88%, with prices falling to a low of $3120.2 per ounce [2][3] Investor Sentiment - There is a growing cautious attitude among investors towards gold, as evidenced by a shift from net inflows to net outflows in gold ETFs since April 22, with a notable outflow of 31 billion yuan from nine out of thirteen ETFs from May 1 to 22 [6][7] - The market sentiment has shifted towards a more bearish outlook, with increased short positions in gold and a decrease in long positions [6][7] Long-term Outlook - Despite short-term volatility, the long-term demand for gold remains strong due to ongoing global economic uncertainties, inflation expectations, and central bank policies [4][8] - Analysts suggest that the fundamental logic supporting gold as an investment has not changed, and long-term capital continues to flow into gold-related assets [8] Geopolitical and Economic Factors - Recent geopolitical risks, including the downgrade of the U.S. credit rating and tensions in the Middle East, have provided support for gold prices [3][4] - The potential for a "global capital flow transformation" has been noted, as investors shift from traditional safe-haven assets like the U.S. dollar and bonds to gold [3][4]

Group 1 - The core viewpoint of the article highlights the anticipation surrounding the upcoming CPI data release and its potential impact on gold prices, which have been experiencing fluctuations and a downward trend [1] - The article mentions the ongoing discussion led by the TTPS team, specifically Coach Huang, regarding the possibility of gold prices breaking through trend resistance during the European trading session [1]