2月18日，消息面: 美元连续第二个交易日小幅上涨，完全无视了市场定价所暗示的今年美联储将降息 约三次的预期。美元近期的看跌情绪有所缓解，所谓的前端风险逆转指标已降至近一个月来的最低负值 水平。货币市场目前仍预期美联储年底前将降息约64个基点。部分策略师认为此预期过度，因三次降息 可能超出数据支撑的合理范围，这将使市场面临美元反弹的风险。布朗兄弟哈里曼公司市场策略全球主 管Elias Haddad表示："美联储降息的预期似乎有些过度了，这为美元短期内的走强提供了调整空 间。"他指出，经济增长态势良好，且通胀水平一直维持在高于美联储2%目标的水平之上。关注周四凌 晨的美联储会议纪要。 现货黄金（伦敦金）：技术面上来看昨日日线收了一根小阴柱，布林带缩口，价格即将选择新的方向， KDJ指标欲形成死叉，MACD快线处于慢线下方且绿色能量柱逐渐发散。目前来看大趋势仍旧偏上，中 线阶段性下行。短线4小时图中来看，布林带开口，KDJ指标死叉放量，MACD快慢线相互缠绕。小时 图中来看，布林带开口，KDJ指标欲形成金叉，MACD快线处于慢线下方且绿色能量柱逐渐发散。短线 价格如期回调，目前短线继续关注回调情况，下方支撑关注4 ...

2月5日， 消息面：美国1月ADP就业增长甚至不及经济学家最低预估，凸显出劳动力市场延续降温，与 鲍威尔此前的企稳言论相悖，ADP报告是更受关注的劳工统计局（BLS）非农就业报告的前瞻指标，后 者原定于本周五发布。尽管持续性拨款决议已经生效后，美国劳工部宣布自2026年2月4日（星期三）起 所有机构均已恢复正常全面运作，但由于此前决议未通过导致美国政府部分停摆，美国劳工部已宣布推 迟公布1月非农报告，将于恢复运营后另行公布非农报告的发布时间。 现货黄金（伦敦金）：技术面上来看昨日日线收了一根大阳柱，布林带欲缩口，KDJ指标死叉放量欲拐 角形成金叉，MACD死叉放量，目前来看大趋势仍旧偏上，中线阶段性上行，这也是我们这段时间一直 坚持的思路。短线4小时图中来看，布林带缩口，价格即将选择新的方向，KDJ指标死叉放量，MACD 快线处于慢线上方但红色能量柱逐渐收敛。小时图中来看，布林带开口，KDJ指标死叉放量，MACD快 线处于慢线下方且绿色能量柱逐渐发散。短线价格如期回调，目前短线继续关注回调情况，下方支撑关 注4888/4809/4750一线，上方压力关注4988/5098/5240一线。 沪金：上方关注112 ...

Core Viewpoint - Recent surge in gold prices, breaking the 4600 mark, driven by multiple macro factors including geopolitical tensions, changes in global monetary policy expectations, and heightened risk aversion [1] Group 1: Types of Gold Trading - Investors need to clarify which type of gold they wish to trade before opening an account, as different trading products correspond to different underlying logic [3] - Types of gold trading include: - Physical gold/storage gold: Suitable for long-term investment, not for short-term trading - Gold futures: Regulated by domestic authorities, offers leverage - Spot gold (London gold): Connects to international markets, 24-hour trading, high volatility, and flexibility [3] Group 2: Domestic Gold Futures Account Opening - For those interested in domestic gold futures, the path is clear: participation must be through a futures company with the necessary qualifications [5] - Key criteria for selecting a futures company include: - Legitimacy: Must be a member unit verifiable on the China Futures Association website - Fund security: Funds should be managed by a third-party bank - Technical support: Stability of trading software is crucial for short-term trading [6] Group 3: Spot Gold Account Opening - With gold prices surpassing key levels, more investors are focusing on spot gold trading, which requires careful selection of compliant platforms [8] - Important factors for choosing a compliant platform include: - Regulatory licenses: Prefer platforms regulated by entities like the Hong Kong Gold and Silver Exchange Society (CGSE) or major international financial institutions - Deposit thresholds and spreads: Compliant platforms typically have transparent cost disclosures [8] Group 4: Platform Selection Criteria - To assist new investors in avoiding pitfalls, a set of criteria for evaluating platforms has been established: - Qualification disclosure: Reputable platforms do not hide regulatory numbers - Fund independence: Client funds must be strictly separated from the platform's own funds - Educational resources: A reliable platform or community should provide comprehensive simulation practice, basic market analysis, and risk warnings, rather than just encouraging deposits [10][11] Group 5: Trading Logic Beyond Account Opening - Opening an account is just the beginning; trading logic is the ultimate goal. Key factors for survival in the market include position control, stop-loss settings, and macroeconomic analysis [13] - Blindly chasing high prices without considering risks can lead to losses, regardless of the account opening channel [13] Conclusion - The question of where to open a gold trading account does not have a singular answer but should follow a standard: choose compliant channels that align with trading goals [14] - For ordinary investors, understanding market structure, selecting compliant platforms, and engaging in professional learning are essential for increasing success rates in trading [14]

Core Viewpoint - The Shanghai Gold Exchange has issued a notice urging its member units to enhance market risk control as spot gold prices have surged to a historic high of over $4600 per ounce, indicating heightened market activity and interest [2][5]. Group 1 - The Shanghai Gold Exchange released an announcement on January 12, 2026, emphasizing the importance of risk management in light of recent market developments [5]. - Spot gold prices reached a new record high, surpassing $4600 per ounce during the early trading session on January 12, 2026, reflecting increased market enthusiasm [2][5].

Group 1 - The core viewpoint is that spot gold is becoming increasingly popular as a safe-haven and aggressive asset in 2025 due to inflation expectations, geopolitical conflicts, and global monetary easing [1] - Spot gold allows for 24-hour two-way trading, enabling investors to profit from both rising and falling prices, unlike paper gold and gold futures [1] Group 2 - New traders often make critical mistakes by treating leverage as a "free lunch," with spot gold commonly using leverage of 50-200 times [3] - A price movement of $1 in gold can result in a gain or loss of $100 for a standard position, indicating high risk [3] - Experienced traders emphasize that preserving capital is more important than making profits [3] Group 3 - To identify a safe trading platform, three key indicators must be met: membership in the Hong Kong Gold Exchange as an AA class member, 100% segregation of client funds, and a withdrawal time of no more than 2 hours [3][4] - Gold trading platforms like Jinsheng Precious Metals meet these criteria, ensuring secure transactions and fund safety [3] Group 4 - The onboarding process for new traders can be completed in as little as 30 minutes, requiring basic identification and proof of address [5] - New traders are advised to start with an initial deposit of $500-$1000, sufficient for practicing with small positions [6] Group 5 - New traders should utilize a simulated account for at least two weeks to practice various trading strategies before engaging in real trading [7] - A recommended trading strategy involves setting stop-loss orders and taking profits at a 1:2 risk-reward ratio [7] Group 6 - Common pitfalls for new traders include not setting stop-loss orders, over-leveraging on the first trade, and relying on external signals or "teachers" [8] - A successful trading approach involves treating trading as a marathon, aiming for a stable monthly return of 2%-5% [9] Group 7 - Traders should establish a fixed trading schedule and strategy, focusing on support and resistance levels [10] - Regularly reviewing past trades and understanding the reasons for losses is crucial for long-term success [11] Group 8 - The importance of choosing a compliant platform like Jinsheng Precious Metals is highlighted, as it fosters a secure environment for traders to develop their skills and mindset [11] - The message emphasizes that opportunities in spot gold are abundant, but survival until those opportunities can be capitalized on is key [12]

Core Viewpoint - The global monetary policy shift, normalized geopolitical tensions, and increased economic cycle volatility are transforming gold from an "optional asset" to a "must-have asset" for investors in 2025 [1] Group 1: Low-Cost Tool Selection - Small investors should prioritize low transaction cost and high liquidity tools, with significant cost differences among various options [2] - Physical gold incurs a premium of approximately 2%-3% and a buyback fee of 1%-2%, leading to a transaction cost of 300-500 RMB, which constitutes 3%-5% of the principal [2] - Gold ETFs, such as Huaan Gold ETF (518880), have a management fee of only 0.5% per year and trading commissions similar to stocks (around 0.01%), offering liquidity comparable to stocks [2] - Gold accumulation products allow purchases starting from 1 gram (approximately 500 RMB) at daily average prices, but investors should be aware of the bank's spread (approximately 0.3 RMB per gram) [2] - Spot gold trading through compliant platforms like Wanzhou Gold Industry supports a minimum investment of 0.01 lots (about 10 USD) with a spread as low as 0.2 USD per ounce, making it suitable for small, flexible operations [2] - New investors are advised to start with spot gold trading due to its lower cost and the ability to conduct T+0 transactions, allowing for operations regardless of price movements [2] Group 2: Advantages of Small-Scale Spot Gold Trading - The low capital requirement is a significant advantage of spot gold trading, allowing investments to start from as little as 500 RMB [4] - For example, Wanzhou Gold Industry's mini account requires a minimum deposit of only 70 USD (approximately 500 RMB), enabling investors to test the market with minimal funds [4] - Small-scale investors exhibit strong risk control, with average losses per trade for those with under 50,000 RMB being kept below 3,000 RMB, significantly lower than larger investors [4] - The flexibility of small-scale trading allows investors to quickly capitalize on short-term opportunities during rapid price fluctuations [4] - Data indicates that small investors skilled in short-term trading have a 23% higher success rate compared to long-term investors [5] Group 3: Wanzhou Gold Industry Platform Advantages - Wanzhou Gold Industry stands out in low-cost gold trading due to its multiple advantages, including holding an AA-class member license from the Hong Kong Gold Exchange, ensuring operational compliance and transaction transparency [6] - The platform offers a low spread of 20 USD per lot with no additional commissions, benefiting short-term traders by saving approximately 35% on transaction costs [6] - Utilizing the advanced MT5 trading system, the platform ensures rapid order execution within 0.03 seconds and maintains a slippage rate below 0.02%, even during volatile market conditions [6] - Client funds are independently managed, separated from the company's funds, and held by reputable financial institutions like HSBC, mitigating the risk of fund misappropriation [6] - The platform provides a dual safety net through "stop-loss protection" and "negative balance protection," allowing timely loss control even in adverse market conditions [6] Group 4: Practical Guide for Small-Scale Spot Gold Trading - Beginners are encouraged to open a demo account on reputable platforms like Wanzhou Gold Industry to practice trading skills without risk [8] - Developing a personal trading strategy based on risk tolerance and available time is essential, with options for trend trading, swing trading, or day trading [8] - Initial real trading should involve small amounts, starting with the minimum trading unit of 0.01 lots to gradually build experience [8] - Continuous learning and adjustment are crucial, with platforms offering educational resources to enhance trading skills [8] - The evolution of financial technology is making gold investment more accessible, with a focus on low-cost, high-transparency products for small investors [8] - Discipline is emphasized as more important than capital size, with ongoing education, strict loss limits, and rational decision-making being key to long-term profitability in gold investment [8]

Market Overview - In September 2025, the gold market exhibited a strong volatile pattern, with Shanghai Futures Exchange gold futures at 831.22 CNY per gram, a slight decrease of 0.26% from the previous trading day, but a cumulative increase of 2.67% from early September [1] - Internationally, New York Commodity Exchange gold futures were priced at 3669.5 USD per ounce, down 0.34% intraday, yet close to the critical resistance level of 3700 USD predicted by Kitco analysts, with a cumulative increase of 7.8% since late August [1] Demand Dynamics - According to the World Gold Council's latest report, global gold demand reached 1249 tons in Q2 2025, with investment demand surging by 78% year-on-year, and China's gold ETF holdings increasing by 173.73% in the first half of the year, indicating strong market recognition of gold's safe-haven attributes [3] Price Correlation - The relationship between futures and spot gold prices is highly correlated, with a 97% linkage observed on September 11, where the price difference between London spot gold and New York futures remained around 39 USD [4] Investment Platform Security - In the context of rising gold prices, choosing a compliant platform is crucial for investment success. Hong Kong Jinsheng Precious Metals, a recognized member of the Hong Kong Gold Exchange, offers transaction codes for trades over 0.1 lots, enhancing transparency and reducing the risk of fraudulent transactions [5] Trading Tools and Cost Management - The profitability of gold investments is influenced by market conditions, trading tools, and cost control. Jinsheng Precious Metals utilizes the MT4 & MT5 dual-platform system, allowing investors to set stop-loss and take-profit points, effectively acting as a safety net for investments [7] - The platform also implements a zero-commission policy, with a favorable spread of 30 USD per lot for London gold, combined with a 2% margin requirement, significantly improving capital efficiency, especially for beginners [7] Price Influencing Factors - Understanding the fluctuations in futures gold prices requires attention to three key dimensions: monetary policy, geopolitical tensions, and physical demand. The market currently anticipates a 89.4% probability of a rate cut by the Federal Reserve in September [8] Risk Management Principles - New investors in gold should adhere to fundamental principles: confirm the regulatory qualifications of the trading platform, utilize stop-loss tools based on personal risk tolerance, and establish diverse information channels to form independent judgments [9]

Group 1: U.S. Economic Data Interpretation - U.S. CPI data exceeded expectations, with August's adjusted monthly CPI at 0.4%, the highest since January, and annual CPI at 2.9%, up from 2.7% [1] - Initial jobless claims rose to 263,000, the highest since October 2021, indicating a potential weakening in the U.S. job market [1] Group 2: Major Asset Price Trends - Gold prices rebounded after initial declines, closing at $3633.75 per ounce, while silver showed stronger performance with a 0.96% increase [2] - The U.S. dollar index fell to 97.47, supporting the rebound in precious metals, while U.S. Treasury yields reflected cautious economic outlook [2] Group 3: Energy Market - International oil prices declined, with WTI crude down 2.28% to $61.73 per barrel, amid concerns over demand [3] Group 4: Global Policy Movements and Market Events - The European Central Bank maintained interest rates at 2%, adjusting inflation forecasts for 2025 and 2026, indicating short-term inflation pressures [5] - The Federal Reserve is expected to lower rates by 25 basis points in September, influenced by rising jobless claims and stable core PCE inflation [6] Group 5: International Trade and Economic Cooperation - The U.S. and Japan agreed to enhance economic cooperation and maintain discussions on macroeconomic and foreign exchange market dynamics [7] - Switzerland is exploring options to mitigate the impact of U.S. tariffs on its gold industry by potentially establishing local processing facilities [8]

Group 1: Precious Metals Market Overview - Gold prices surged to a record high of $3,674.70 per ounce, driven by a 92% probability of a Federal Reserve rate cut this month [1] - Silver struggled below $41.67, showing a bearish trend due to weak industrial confidence, despite expectations of a dovish Fed stance [1] - Platinum fell from $1,438.30 and is currently testing a key support level at $1,367.60, near the 50-day moving average [1] Group 2: Employment Data and Economic Indicators - The U.S. non-farm payrolls were revised down by 911,000 for the year ending in March, averaging a decrease of nearly 76,000 jobs per month, marking the largest downward revision since 2000 [2] - The SPDR Gold Trust, the largest gold ETF, maintained its holdings at 979.68 tons, indicating stable demand despite market volatility [2] - The Fed's rate cut pace remains uncertain, with expectations of gradual cuts of 25 basis points until rates reach a target range of 3.0% to 3.5% [2] Group 3: Technical Analysis of Precious Metals - The spot gold price has rebounded, having previously accumulated gains and absorbed an overbought Relative Strength Index (RSI) [3] - Silver is consolidating below the key resistance level of $41.67, with potential upward movement towards $44.22 if it closes above this level [4] - The recent support levels for silver are at $40.40 and $39.88, while the gold-silver ratio continues to rise, confirming gold's leading position [4]