gold

PAXG Today's Core Analysis: PAXG experienced a slight rebound today due to safe-haven buying replenishment + central bank gold purchases providing support + the combination of technical oversold correction.

Core News

- Geopolitical Risk Repeated: Tensions in the Middle East, increased deployment of US aircraft carriers, ongoing Russia-Ukraine conflict, and cautious market sentiment over the weekend led to a flow of funds back into gold-related assets.
- Central Bank Gold Purchases Providing Support: The People's Bank of China has increased its holdings for 14 consecutive months, and global central banks purchased over 50 tons of gold in the first two weeks of January, supporting prices with long-term allocation demand.
- Macroeconomic Expectation Game: The US initial jobless claims data on January 17 was stronger than expected, causing a short-term rise in the dollar, but after a sharp drop in gold prices, the market still maintains long-term expectations for Federal Reserve interest rate cuts, driving an oversold rebound.
- Technical Recovery: After a rapid drop in gold prices the previous day, low-level buying entered the market, representing a pullback rebound within a fluctuating upward trend, not a trend reversal signal.
Over the weekend, major global markets were closed, and fluctuations were mostly driven by liquidity. On Monday, attention should be paid to the dollar index, US Treasury yields, and ETF fund flows, while being wary of insufficient sustainability of the rebound.