The depreciation of the dollar resonates with risk

Gold Prices Moderately Rise as Market Confidence Recuperates

At the start of this week, spot gold maintained a high level of fluctuation, continuing last Friday's moderate upward trend, mainly due to the decline in the dollar and an increase in uncertainty events. Although gold prices face technical pressure in the short term, the fundamentals provide solid support as market sentiment shifts from cautious to positive.

The dollar index saw a significant decline last Friday, making gold more attractive to non-dollar investors. Additionally, the global macro environment remains volatile, with uncertainties in trade negotiations, Federal Reserve policy outlook, and tensions in the Middle East providing multiple layers of support for gold prices.

Investors Bet on a "Safe-Haven Resurgence"

Several institutional analysts have pointed out that gold is once again becoming a "sentiment hedge tool" for investors. Although the dollar has not yet shown systemic weakening, recent pullbacks have sent signals of eased policy expectations, and ongoing questions about the Federal Reserve's independence have heightened safe-haven demand.

Traders broadly bet that ahead of key events such as the European Central Bank decision and Federal Reserve officials' speeches this week, the market will maintain a structurally bullish stance on gold positions.

Retail Bullish Ratio Rises, Trading Momentum Gradually Accumulates

There has been a slight net inflow into gold ETFs, reflecting a return of funds to the precious metals sector. Moreover, retail sentiment indicators show that the bullish ratio has risen for the second consecutive week.

Technical reports from numerous brokerages indicate that if the gold price successfully stabilizes at $3,350, it will create a short-term technical breakout structure, with the next target potentially pointing to the mid-term resistance level of $3,425.

Discrepancies Persist, Evident Tug of War Between Bulls and Bears

Despite most market participants holding a bullish stance, some institutions remain cautious. Analysts indicate that recent gains in silver, platinum, and other precious metals surpass those of gold, suggesting a potential rotation of funds among varieties, and gold may face a short-term consolidation phase.

Additionally, it remains unclear whether the Federal Reserve will initiate rate cuts within the year. If the interest rate path adjustments fall short of market expectations, upward momentum for gold prices may be restrained.

Economic Data and Central Bank Signals Are Key Catalysts

This week's market focus is on important economic data and policy speeches, including the public speech of Federal Reserve Chairman Powell, U.S. real estate and manufacturing data, and the European Central Bank's latest monetary policy statement. This information will directly impact the dollar's trajectory and risk sentiment, thereby determining the next phase direction for gold.

Analytical institutions believe that if the European Central Bank sends more dovish signals and U.S. economic data show signs of slowing, gold is likely to gain further upward momentum.

The Long-Term Logic of the Gold Market Remains Valid

Despite heightened short-term volatility, the industry consensus is that the structural bullish trend for gold in the mid to long term remains unchanged. Continuous buying by global central banks, moderate inflation expectations, and ongoing geopolitical risks are important factors in establishing a foundation for gold prices.

Looking ahead, if gold prices can break through $3,400 and effectively stabilize, it will open up upward space, attracting more trend investors to increase their positions. Overall, gold retains strong appeal as an "insurance asset in chaotic times."

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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