According to the CITIC Construction Investment Research Report, the rise in US stocks from Q1 in 2023 to Q1 2024 was due to a smooth decline in inflation. After inflation rebounds again in the future, US stocks will still enter an adjustment period, and it is recommended to cut allocations at a high level. Short-term swing operation is still recommended for gold above $2,400. Looking at the medium term, there are signs that US inflation will rise again in the future. Once an inflationary rebound trend is established, gold will follow the rise, and gold and US stocks may diverge from the current resonant rise, and gold will have a relative return compared to US stocks.
中信建投：美国通胀预期回落，黄金谨慎追涨
CITIC Construction Investment: US inflation expectations have declined, and gold is cautiously rising
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