Gold technicals  黄金技术面

Gold has continued trading inside the consolidation formation that has been in place for 2 months more or less. $3400 is the big resistance to watch, and then the most recent highs. 50 day is slightly lower and gold is getting very tight inside that dynamic formation.
黄金继续在大约两个月以来的盘整形态内交易。3400 美元是需要关注的重要阻力位，随后是最近的高点。50 日均线略低，黄金在该动态形态内变得非常紧凑。

Source: LSEG Workspace  来源：LSEG Workspace

The laggard play  落后者的玩法

Gold has lagged little brother silver, not to mention the lag vs. platinum.
黄金落后于弟弟白银，更不用说与铂金的差距了。

Source: LSEG Workspace  来源：LSEG Workspace

Will they ever get properly bullish again?
它们会再次真正看涨吗？

Gold net non commercials have basically faded the entire 2025 bull. Do they get forced to buy should we take out new highs?
黄金非商业净头寸基本上已经消化了整个 2025 年的牛市。如果我们突破新高，它们会被迫买入吗？

Source: LSEG Workspace  来源：LSEG Workspace

Open interest  未平仓合约

Where are you? Gold and silver open interest showing a huge gap.
你在哪里？黄金和白银的未平仓合约显示出巨大的差距。

Source: GS  来源：GS

Buying it  买入中

Investors continue allocating to gold. Chart shows weekly ETF flows of the 3 largest spot gold ETFs.
投资者继续配置黄金。图表显示了三大现货黄金 ETF 的每周资金流入情况。

Source: GS  来源：GS

Got the gold chain for Nikki beach?
给 Nikki 海滩准备好金链了吗？

Gold seasonality is strong from here...
黄金的季节性从现在开始非常强劲……

Source: Equity Clock  来源：Equity Clock

Lost it  失去它了

Gold has not shown the classical geopolitical hedge behaviour recently. Oil is the new sheriff in town... both ways.
黄金最近并未表现出典型的地缘政治避险行为。石油才是新任执法者……双向波动。

Source: LSEG Workspace  来源：LSEG Workspace

Cheap gold plays  廉价黄金投资机会

Not often you see gold up and gold volatility down. Playing possible break outs to the upside via gold optionality, referable call spreads, is very attractive given how volatility is trading.
黄金上涨而波动率下降的情况并不常见。鉴于波动率的交易情况，通过黄金期权性价比高的看涨价差策略来押注可能的上涨突破，非常具有吸引力。

Source: LSEG Workspace  来源：LSEG Workspace