黄金资讯—— 2月27日，基准的10年期美债收益率收报4.056%，对美联储政策利率敏感的2年期美债收益率收报 3.475%。由于交易员正密切关注美伊谈判及关税政策的不确定性，以寻找国际现货黄金的下一波重大 走势，金价小幅走高。现货黄金盘中突破5200关口但依旧未能守住此关口，最终收涨0.39%，报5185.29 美元/盎司；现货白银盘中突破90美元关口，随后转跌，一度跌超4%，最终收跌1.01%，报88.3美元/盎 司。国际油价盘中涨约2%，但美伊谈判据传取得积极进展后再次转跌，WTI原油收跌0.23%，报65.41 美元/桶；布伦特原油收涨0.17%，报70.99美元/桶。 黄金最新行情走势—— 昨日黄金市场早盘开盘在5165.3美元/盎司，后行情先拉升给出5206.2美元/盎司，后行情强势回落，日 线最低给到了5129.9美元/盎司，后行情尾盘强势拉升，日线最终收线在了5184.6美元/盎司，后日线以 一根下影线稍长于上影线的纺锤形态收线，而这样的形态收尾后，黄金依旧等待突破。综合来看，总 结：黄金区间震荡有待方向选择，今日操作上考虑高空低多策略，破位之后顺势跟随，上方关注5210- 5230美元阻力， ...

黄金资讯—— 2月25日，基准的10年期美债收益率收报4.0350%，对美联储政策利率敏感的2年期美债收益率收报 3.4650%。受美元维稳以及投资者在前期涨势后获利了结的影响，国际现货黄金价格从5250附近的近三 周高点回落，日内一度跌超100美元，最终收跌1.6%，报5144美元/盎司；现货白银最终收跌1.15%，报 87.18美元/盎司。随着美伊对话于本周恢复，原油市场情绪持续紧张。贸易局势再度转趋透明也令市场 承压。WTI原油收跌0.3%，报66.06美元/桶；布伦特原油收跌0.04%，报71.07美元/桶。 黄金最新行情走势—— 昨日黄金市场早盘开盘在5231美元/盎司，后行情先拉升，日线最高触及到了5150美元/盎司，后行情承 压回落，随后市场出现短期获利了结过程加速下行，日线最低给到了5093美元/盎司，后尾盘拉升，日 线最终收线在了5144.7美元/盎司，后日线以一根下影线很长的大阴线收线，而这样的形态收尾后，黄 金迎来震荡区间。综合来看，总结：黄金冲高遇阻震荡徘徊，有进一步考量支撑效果，今日操作上考虑 高空低多策略，上方关注5190-5250美元阻力，下方关注5120-5100美元支撑。 原 ...

黄金资讯—— 2月24日，基准的10年期美债收益率收报4.0330%，对美联储政策利率敏感的2年期美债收益率收报 3.4440%。特朗普关税计划不确定性带动避险需求，现货黄金重回5200美元之上，触及三周最高水平， 最终收涨2.46%，报5229.93美元/盎司；现货白银上触89美元，最终收涨4.24%，报88.18美元/盎司。在 美与伊即将举行第三轮核谈判之际，国际油价小幅回落，但仍维持在六个月的高位。WTI原油微跌 0.09%，报66.36美元/桶；布伦特原油收跌0.3%，报71.45美元/桶。 黄金最新行情走势—— 昨日黄金市场在避险推动下延续拉升，早盘小幅高开在5107.4美元/盎司，后行情直接拉升到尾盘日线 最高触及到了5236.8美元/盎司，后整理，日线最终收线在了5227.6美元/盎司，后，日线以一根上影线 稍长的光脚大阳线收线，而这样的形态收尾后，今日的行情延续上涨动能。综合来看，总结：黄金再次 上涨突破，影响多头进一步延续，今日操作上考虑回撤布局多单为先，高空为辅，上方关注5300-5360 美元阻力，下方关注5200-5176美元支撑。周一黄金在5155-5130区域布局多单给到了5163 ...

黄金资讯—— 2月23日，基准的10年期美债收益率收报4.0850%，对美联储政策利率敏感的2年期美债收益率收报 3.4820%。随着特朗普关税政策不确定性可能引发新一轮混乱，叠加越来越多迹象表明美国可能对伊动 武，贵金属价格获得支撑。现货黄金重回5100美元大关，最终收涨2.1%，报5104.34美元/盎司；现货白 银最终收涨7.8%，报84.64美元/盎司，自1月底暴跌以来首次录得单周上涨。市场正在观望特朗普是否 会将他的动武威胁付诸实践，国际原油徘徊在六个月高位附近。WTI原油最终收跌0.52%，报66.33美元/ 桶；布伦特原油收跌0.53%，报71.24美元/桶。 黄金最新行情走势—— 上周黄金市场周初开盘在5036.3美元/盎司，后行情直接回落，周线最低给到了4841.5美元/盎司，后行 情震荡拉升，到周五美盘受到基本面避险影响强势上行，周线最高触及到了5108.2美元/盎司，后整 理，周线最终收线在了5104美元/盎司，后周线以一根下影线极长的锤头形态收线，而这样的形态收尾 后，本周市场有继续看多需求。综合来看，总结：黄金处于震荡向上运行中，今日操作上考虑回撤布局 多单为先，上方关注5200-5 ...

Core Viewpoint - The transition from "K-shaped divergence" to "reflation" in the U.S. indicates a shift in global liquidity expectations from easing to tightening, impacting various asset classes and market dynamics [1][5]. Group 1: K-shaped Divergence - The structure of the U.S. balance sheet shows a healthy private sector, particularly post-COVID-19 QE, leading to a significant accumulation of net assets among high-net-worth individuals, primarily in real estate and equities [1]. - The current mortgage rate for high-net-worth individuals stands at 4.2%, while the new 30-year loan rate is at 6.1%, highlighting the disparity in borrowing costs [1]. - The "high-net-worth group" can leverage cash-out refinancing to support consumer spending and stock market liquidity, while the "new borrowing group" faces challenges in asset acquisition due to economic uncertainties [2]. Group 2: Transition to Reflation - The recent upward movement of the lower end of the K-shaped divergence suggests that high-net-worth individuals are stabilizing the economy and asset price expectations, creating favorable conditions for the new borrowing group [3]. - The housing sector, which is seen as a source of inflation, is experiencing a recovery, indicating a potential shift towards reflation in the U.S. economy [3]. Group 3: Inflation Expectations - Demand-driven inflation expectations exhibit a self-reinforcing mechanism, which can lower real interest rates and compress credit spreads, leading to a situation where actual mortgage rates are at their lowest in three years [4]. - The current dynamics explain why long-term U.S. Treasury yields are rising while the housing sector is recovering against the trend [4]. Group 4: Global Liquidity Dynamics - The shift from "K-shaped divergence" to "reflation" is mirrored in global liquidity trends, with Bitcoin serving as a barometer for these changes, affecting tech-heavy indices and prompting style shifts within A-shares [5]. - The anticipated policy combination of "rate cuts + balance sheet reduction" suggests a non-typical reflation trade, resembling stagflation in some aspects, with a focus on the interconnectedness of major asset classes under changing liquidity conditions [5].

Group 1: Gold Market Insights - The gold market experienced a significant drop, with spot gold reaching a low of $4878.37 before closing down 3.17% at $4922.8 per ounce [1][5] - The market opened at $5086 per ounce, peaked at $5100.6, and then fell sharply during the trading session [2][6] - Technical analysis indicates a potential for further downward movement, with resistance levels identified at $5000-$5050 and support levels at $4890-$4800 [2][7] Group 2: Silver Market Insights - Spot silver saw a more severe decline, dropping 10.64% to close at $75.26 per ounce, with a low point below $75 during trading [1][5] Group 3: Oil Market Insights - WTI crude oil prices fell sharply, closing down 3.05% at $62.98 per barrel after reaching a low of $62.39 [1][3] - The market opened at $64.91 per barrel and peaked at $65.12 before the decline [3][7] - The oil market remains in a consolidation phase, with resistance levels at $63.7-$65.5 and support levels at $62.3-$61.0 [3][7] Group 4: Nasdaq Market Insights - The Nasdaq index opened at $25201.6, reached a high of $25339.59, and then fell to a low of $24638.17, closing at $24738.37 [4][8] - The index shows signs of further pressure, with resistance levels at $25000-$25150 and support levels at $24590-$24140 [4][8]

黄金资讯—— 黄金最新行情走势—— 昨日黄金市场早盘开盘在5025.8美元/盎司，后行情先拉升给出5119.6美元/盎司，后行情在非农后快速 回落，日线最低给到了5018.4美元/盎司，后尾盘拉升，日线最终收线在了5083.7美元/盎司，后日线以 一根上影线很长的中阳线收线，而这样的形态收尾后，黄金有进一步突破的概率。综合来看，高博景总 结：黄金窄幅震荡中，今日操作上考虑高空低多策略，上方关注5114-5340美元阻力，下方关注5018- 4975美元支撑。 原油最新行情走势—— 昨日美原油市场早盘开盘在64.16美元/桶，后行情直接拉升，日线最高触及到了65.85美元/桶，后尾盘 回落，日线最终收线在了64.95美元/桶，后日线以一根上影线很长的中阳线收线，而这样的形态收尾 后，原油有进一步突破的概率。综合来看，总结：原油震荡徘徊，但是整体上涨趋势没有改变，今日操 作上考虑回撤布局多单为先，高空为辅，上方关注65.5-66.7美元阻力，下方关注64.4-63.6美元支撑。 纳指最新行情走势—— 纳指市场昨日开盘在25175.08美元，后行情先回落给出25055.42美元，后行情拉升，日线最高触及到了 253 ...

百利好特约智昇研究投资策略师麦东认为，非农就业人口增加意味着2025年的三次降息已起到改善就业市场效果。但是在地缘冲突的背景下，黄金并没有大 跌下行。 技术面：昨日收小阳线。日线级别，价格维持在5000美元上方运行。1小时级别，60/120日均线斜率放缓，价格将维持震荡，MACD显示短期上升动能不 足。今日上方关注5120美元的压力，下方关注5010美元的支撑。 黄金小时图 原油方面： 2月11日，美国能源署公布截至2月6日当周原油库存数据，前值减少345.5万桶，预期值增加79.3万桶，实际公布值增加853万桶，原油库存压力较大。 上周以来，原油上涨了约3美元，表明市场正在淡化美伊谈判的结果。尽管双方将周五的会谈描述为积极，但美国仍在制裁更多的伊朗油轮，并建议美国船 只避开伊朗水域。市场预测显示美国在6月30日打击伊朗的概率为56%。表明当前阶段美国对伊朗的打击并没有做好充分的准备，谈判可能是为了争取时 间。 黄金方面： 2月11日，美国劳工部公布了1月非农就业情况，新增就业人口13万人，失业率为4.3%。 非农就业报告公布后，当下市场预计美联储在4月前降息的可能性仅有20%，相较于数据公布前的约40%显著 ...

Group 1: Gold Market Insights - The spot gold price ended a two-day rise, closing down 0.74% at $5022.87 per ounce after a brief spike following the release of U.S. retail sales data [1][6] - The gold market opened at $5057.6 per ounce, reached a high of $5077.2, and then fell to a low of $4986.8 before closing at $5024.5, indicating ongoing volatility [2][7] - Resistance levels for gold are noted at $5100-$5350, while support levels are at $5000-$4950 [8] Group 2: Oil Market Insights - WTI crude oil opened at $64.45 per barrel, dipped to a low of $63.66, and closed down 0.4% at $64.19, showing a mixed trading pattern [1][9] - The Brent crude oil price fell by 0.27%, closing at $68.53 per barrel, reflecting a similar trend in the oil market [1] - The oil market is expected to test resistance levels between $64.8-$65.6, with support levels at $63.7-$63.0 [9] Group 3: Nasdaq Index Insights - The Nasdaq index opened at $25289.68, reached a high of $25616.6, and closed at $25166.83, indicating fluctuations within the trading session [4][10] - The index is experiencing pressure from upper moving averages, with resistance levels identified at $25357-$25600 and support levels at $25100-$25000 [10]

黄金资讯—— 2月10日，美债收益率普跌，基准的10年期美债收益率收报4.204%，对美联储政策利率敏感的2年期美 债收益率收报3.487%。在市场等待一系列美国经济数据之际，美元走弱使得以美元计价的大宗商品对 海外买家更具吸引力。现货黄金延续涨势，最高触及5086.42美元/盎司，最终收涨1.93%，报5060.53美 元/盎司；现货白银一度触及84美元关口，最终收涨7.17%，报83.37美元/盎司。国际原油低开高走，因 美国警告悬挂美国国旗的船只在霍尔木兹海峡航行时应尽可能远离伊朗水域。WTI原油美盘加速上涨， 最终收涨1.45%，报64.45美元/桶；布伦特原油收涨1.71%，报68.70美元/桶。 黄金最新行情走势—— 昨日黄金市场延续拉升过程，早盘开盘高开在4982.1美元/盎司，后回补缺口给出4963.7美元/盎司，后 行情强势震荡拉升，日线最高触及到了5087.4美元/盎司，后整理，日线最终收线在了5060.1美元/盎 司，后日线以一根上影线稍长于下影线的大阳线收线，而这样的形态收尾后，今日的行情关注区间。综 合来看，总结：黄金企稳震荡，运行在一个触底反弹的运行中，如果不能实现突破，大概率进一 ...