Core Viewpoint - Gold prices have experienced fluctuations, with recent data indicating a decline in both international and domestic gold prices, influenced by various market factors [1][5][7]. Price Movements - As of November 21, 2023, the London spot gold price was reported at $4056.41 per ounce, reflecting a daily decline of approximately 0.5%, while the Shanghai Gold Exchange's price for Au99.99 was 922.22 yuan per gram, down about 0.8% [1]. - Several domestic gold jewelry brands have adjusted their prices, with variations noted among them. For instance, Chow Sang Sang's gold jewelry price was 1295 yuan per gram, down 12 yuan from the previous day, while Lao Miao's price was 1298 yuan per gram, down 4 yuan [5]. Market Dynamics - The World Gold Council's report for October indicated that the Chinese gold market experienced a rise followed by a decline, with overall positive trends. The first half of October saw gold prices reach new highs due to ETF buying and increased risk, while the latter half saw a pullback due to easing geopolitical risks and profit-taking [7]. - In October, the Shanghai Gold Exchange's gold outflow reached 124 tons, an increase of 6 tons month-on-month and a year-on-year rise of 17 tons, indicating heightened investment interest in gold [7]. Future Outlook - Analysts predict that gold prices will continue to experience volatility, with a potential for a prolonged period of fluctuation until market conditions stabilize. Factors such as the uncertainty surrounding the U.S. Federal Reserve's interest rate decisions are expected to exert pressure on gold prices in the short term [8]. - The recent changes in China's value-added tax policy may impact domestic gold jewelry demand, as consumers will bear additional tax burdens. However, the long-term trend of rising gold prices may reduce price sensitivity among consumers [9].

Core Viewpoints - The gold market is likely entering a phase of wide-ranging high-level fluctuations, requiring time to digest emotional impacts [1] - Weakening driving factors have led to continuous adjustments in precious metals after significant price increases [2] - The next potential upward movement in gold prices may not occur until 2026, following a period of consolidation [3] Group 1: Market Dynamics - Hai Tong Futures indicates that substantial profit-taking is driving the decline in precious metal prices, with a notable drop in Shanghai Futures Exchange gold futures positions suggesting many long positions are exiting [1] - The recent U.S. CPI data being lower than expected has marginally increased the likelihood of interest rate cuts, contributing to the downward pressure on gold prices [1] - The overall sentiment in the market is weak, with expectations of a prolonged period of high-level fluctuations in gold prices [1] Group 2: Economic Indicators - Shenwan Hongyuan Futures notes that the ongoing U.S. government shutdown and lack of economic data guidance are impacting market sentiment [2] - The increase in global central bank gold purchases reflects a growing recognition of gold as a safe-haven asset amid deteriorating fiscal conditions and rising distrust in the financial system [2] - The ADP's new weekly employment data indicates a modest increase in private sector jobs, but the ongoing government shutdown continues to create uncertainty [2] Group 3: Technical Analysis - Saxo Bank's Ole Hansen highlights that gold prices may have reached a peak this year, with a critical support level at $3,846 per ounce [3] - Trade Nation's David Morrison points out that recent technical indicators suggest a risk of short-term declines in gold prices, with a need for prices to rise above $4,100 per ounce to establish a new bullish momentum [3]

Core Viewpoint - The recent fluctuations in gold prices have led to increased activity among investors, with some taking the opportunity to buy more gold while others are selling to realize profits amid high volatility [3][4][9]. Market Activity - On October 22, gold prices experienced a drop to 933 CNY per gram before rebounding to 951.85 CNY per gram later in the day, following a significant decline in international gold prices on October 21 [3][4]. - The decline in gold prices has attracted many buyers, with reports of long queues at gold purchase counters, while sellers are also eager to cash in on their investments [4][9]. Investor Behavior - Some investors, like a 66-year-old man, took advantage of the price drop to buy gold, believing it to be a good hedge against global inflation and uncertainty [6][7]. - Others, such as an investor named Li Yuan, sold gold to secure profits, having purchased it at 440 CNY per gram and selling at around 940 CNY per gram, resulting in a profit of approximately 150,000 CNY for 300 grams sold [9][10]. Jewelry Sales - Despite the increased activity in gold investment, sales of gold jewelry remain sluggish, with many consumers still hesitant to purchase due to high prices [11][16]. - The overall consumption of gold jewelry in China has declined, with a reported 26% drop in gold jewelry consumption year-on-year [16]. Price Volatility Analysis - Analysts suggest that the recent volatility in gold prices is a natural correction following a rapid increase, with many investors taking profits [17][18]. - However, experts believe that the long-term outlook for gold remains positive due to ongoing global uncertainties and a trend of declining real interest rates, which support gold's investment value [18][19].

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]

Core Viewpoint - Gold is currently experiencing slight fluctuations, primarily due to the previous day's candlestick pattern and the lack of significant news or data, with a trading range of approximately $20, compared to a $35 range the day before [1][3]. Group 1 - The current market indicates that gold is expected to continue its oscillation, with a short-term resistance level at the $3345 area, and a critical boundary for bulls and bears tonight [3]. - If the price does not break above the resistance, it is likely to remain at lower levels; however, a breakout above could lead to a stronger upward movement, with further resistance noted between $3358 and $3360 [3]. - Key support levels are established at the previous day's and today's low points, making it difficult for prices to drop without negative news; the market is likely to continue its oscillation unless a significant breakdown occurs [3].

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]