Tonight, gold soars into the sky

Gold has risen for the fifth consecutive trading day, with only a dozen dollars left from its historical high.
In the week of Trump's return, there has been a significant change in the global market trends: the US stock market has continued to rise, with the S&P 500 index reaching a historic high; the US dollar and oil prices have continued to fall; only the US bond yields are not buying it, with almost no fluctuation - suggesting that there may still be strange things happening in the future.
2. The rise in gold prices this round is more due to the fall in the US dollar rather than safe-haven demand. Trump's inauguration ceremony seems to have determined the fate of the rise in gold prices this week. If the market takes Trump's tariff threat seriously, it will buy gold as a safe haven. If the market believes that Trump's tariff actions are moderate, the US dollar will fall, thereby supporting the rise in gold prices. The data to be released by the CFTC later will provide more clues as to whether speculative net long positions in gold have increased.
3. The biggest question for investors now is whether the loss of momentum in the US dollar is the beginning of a major decline? The general view on Wall Street is that although tariff threats are a negotiating position, not a firm commitment, they may still be implemented in some form. Currently, no one dares to be bearish on the US dollar. 4. Wall Street's expectations for the gold price this year are mostly concentrated in the range of $2800 to $2850. Once the gold price reaches this level, the market will enter a phase of consensus loss.

This week, the market simply gave feedback on Trump's tariff policy "moderation", while next week the market will evaluate the impact of Trump's policy on inflation and monetary policy.