黄金突破夏季区间，创历史新高后反弹
Gold Breaks Out of Its Summer Range | Presented by CME Group
[music] For most of June and July, gold traded in a tight consolidation range defined by $4,200 per [music] ounce on the upside and the psychological level of 4,000 as the base. This level represented a more than [music] 25% drop from the all-time high set back in January. The most common [music] explanation for the extended weakness was that perhaps global central banks were selling gold stockpiles in order [music] to support their currencies or to purchase oil at elevated levels driven by the Iranian conflict.
[音乐] 在六月和七月的大部分时间里，黄金在一个紧凑的盘整区间内交易，上方以每盎司4200美元为阻力，下方以4000美元的心理关口为支撑。这一水平较一月份创下的历史高点下跌了超过25%。对于这种持续疲软，最常见的解释是，或许全球央行正在出售黄金储备，以支撑其货币，或购买因伊朗冲突而处于高位的石油。
On August 5th, the price of gold broke out of that range [music] and predictably the narrative has changed. The recent buoyancy seemed to reflect news that China was accelerating their gold purchases. But that wasn't the [music] only reason. Many analysts cited recent words and actions by the US Treasury suggesting concern over elevated bond yields. Some also suggested [music] that the intervention in currency markets on behalf of the yen reflected a [music] fear that Japan was close to selling its treasury holdings, something US wanted to avoid.
8月5日，黄金价格突破了该区间，[音乐] 可以预见的是，市场说法已经改变。近期的上涨似乎反映了中国加速购买黄金的消息。但这并不是唯一的原因。许多分析师引用了美国财政部最近的言论和行动，暗示其对高企的债券收益率感到担忧。一些人还认为，代表日元进行的外汇市场干预反映了对日本接近出售其国债持仓的担忧，这是美国希望避免的。
Whatever [music] the reason, the metal had a clear breakout from its recent range, trading up to highs above 4,400 [music] and appearing poised for more gains. As a side note, CME Group recently launched futures that trade essentially 24/7 on gold, [music] plugging the previous gap during weekend hours. Gold is a global commodity that was never tethered to US market hours. These new trading [music] hours give participants the ability to hedge risk and respond to off hours headlines.
无论原因如何，黄金已明确突破近期区间，交易价格升至4400美元以上的高点，[音乐] 并似乎有望进一步上涨。作为补充说明，CME集团最近推出了几乎全天候交易的黄金期货，[音乐] 填补了周末时段的空白。黄金是一种全球性大宗商品，从未受限于美国市场交易时间。这些新的交易时段使参与者能够对冲风险并对盘后头条新闻做出反应。
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