Economic Observation Network In the context of a mild slowdown in US economic activity and a low possibility of short-term interest rate hikes by the Federal Reserve, the upward momentum of the US dollar index and US bond yields has weakened. With strong support from demand such as central bank purchases of gold, precious metals have stopped falling and prices are expected to gradually rebound as allocation funds return. The short-term bearish pressure lies in the fact that the Middle East situation still supports energy inflation, and the imbalance between US Treasury supply and demand, as well as the liquidity tension caused by the hot financing of the AI industry, may have a stage impact on precious metals. At present, the US fiscal easing has partially digested the positive effects on precious metals, and the gold price has stabilized above $4500 or entered a new volatility platform. With trading not yet crowded, it is expected to rise above $4800. Pay attention to the Jackson Hole Global Central Bank's attitude towards interest rate hikes and changes in market capital demand over the weekend. The short-term long short game is intensifying, and the market is falling. Long positions can sell virtual call options. (Guangfa Futures)