The Strait of Hormuz influences gold prices, and the oscillating pattern of gold remains unchanged

Last week, gold was dominated by the geopolitical situation in the Strait of Hormuz, showing a pattern of initial decline followed by rise and high-level oscillation. At the beginning of the week, tensions in the strait were high, oil prices surged, and gold prices came under pressure to decline; then the situation briefly eased, oil prices retreated, and combined with rising market expectations of interest rate cuts, gold rebounded strongly and surged; in the second half of the week, bullish and bearish disagreements widened, with gold prices repeatedly tugging around 4800, maintaining a generally strong oscillation.

Next week, focus on the development of the situation in the Strait of Hormuz and key U.S. economic data. If geopolitical tensions remain stable and data are weak, gold may break through the 4850 resistance and approach 4900; if tensions escalate again or data are strong, gold prices are likely to face pressure and fall back, testing support at 4750–4700. In the short term, the main trend remains range-bound oscillation, with light positions and strict risk control. #黄金 #原油 #白银