On November 28, the comex gold price dropped by 0.12% to $2661.50 per ounce, while the SHGC main contract rose by 0.04% to 613.92 yuan per gram.

On the geopolitical front, the Israeli military reported that several suspects were found in multiple areas of southern Lebanon, and some suspects were carrying vehicles, which constituted a violation.

Regarding interest rate cuts, the latest CME "Fed Watch" data shows that the probability of maintaining the current rate in December is 33.7%, while the probability of a cumulative cut of 25 basis points is 66.3%. The probability of maintaining the current rate in January next year is 25.8%, while the probability of a cumulative cut of 25 basis points is 58.6%, and the probability of a cumulative cut of 50 basis points is 15.6%.

Overall, in the absence of new bullish driving factors, the upward momentum of gold has weakened, and once it breaks below the recent low, the magnitude of the pullback may increase.

Data source: Wind, Cnstock data, and Everbright Futures Research Institute.

Written by: Wu Aihua

Professional Qualification: F3074355

Investment Advisory Qualification: Z0017696

Disclaimer: The views, suggestions, and conclusions in the text are for reference only. The information in the report is based on public information. The analysis and recommendations in the report do not constitute investment basis for the mentioned varieties. Any investment decisions made by investors based on this are unrelated to our company and the author.