[Spot Gold Technical Risks: Gold Price May Retest $4420 Support] 1. From a technical perspective, spot gold may retest the support area of $4420 per ounce. If this level is effectively broken, it is expected to fall further to the $4367-$4398 range. 2. Currently, gold prices are forming a converging descending wedge pattern, with the lower trendline pointing to the $4398 target. The previous rebound from $4367 exhibited a clear five-wave upward pattern. 3. In this five-wave structure, the bottom of the second wave is located at $4375, forming a more immediate downside target. On the upside, resistance is at $4481; a successful break above this resistance could push gold prices further to the $4508-$4541 range. 4. On the daily chart, after analyzing the retracement of the upward trend from $4097 to $4897, a neutral consolidation range of $4403-$4497 can be identified. 5. If gold prices fall below $4403, it would confirm the continuation of the downtrend, with the next target at $4286. Conversely, if gold prices successfully rise above $4497, upside potential will open up, with the next target range at $4592 to $4709.

[Geopolitical risks dampen market sentiment; Shanghai Composite Index closes lower in morning session, non-ferrous metals lead the decline] 1. On Thursday morning, the Shanghai Composite Index closed lower. Affected by the renewed escalation of conflict in the Gulf region, market risk appetite was suppressed, with the non-ferrous metals sector leading the decline, while the semiconductor sector bucked the trend and strengthened. 2. By midday close, the Shanghai Composite Index fell 0.4% to 4,066.56 points, and the CSI 300 Index closed down 0.6%. The Shenzhen ChiNext Index fell 1.1%, while the Shanghai STAR Market 50 Index rose 0.7% against the trend. 3. Analysts say the current market still exhibits structural characteristics: the technology sector shows a clear concentration of funds, while other sectors are more susceptible to disturbances from macroeconomic and geopolitical factors. 4. On Wednesday, tensions in the Gulf region escalated again. Iran launched an attack on Kuwait, damaging the local airport and injuring dozens of people; the US military also carried out strikes near the Strait of Hormuz. Meanwhile, diplomatic efforts aimed at promoting a ceasefire have made almost no substantial progress. 5. According to the Wall Street Journal, citing US officials, President Trump privately told his staff that he would consider terminating the ceasefire agreement with Iran if it caused the deaths of US military personnel. 6. On trade, the Trump administration proposed imposing tariffs of up to 12.5% on imports from 60 countries, arguing that these countries have failed to effectively curb trade in goods manufactured using forced labor. This claim has been refuted by the relevant trading partners. 7. In terms of sectors, the CSI Non-Ferrous Metals Industry Theme Index fell sharply by 3.3% in the morning session. The continued strengthening of the US dollar put pressure on the prices of metals such as gold and copper, with Aluminum Corporation of China (Chalco) A-shares falling 7.1%. In contrast, the CSI All Share Semiconductor Products and Equipment Index closed 2.1% higher in the morning session.

The Nikkei 225 index has just broken through the 67,400.00 mark, currently trading at 67,404.79, down 1.46% on the day.

The Israeli military announced that it had detected a "suspicious aerial target" in northern Israel.

[French Prime Minister: Israel Should Cease Military Operations in Lebanon] French Prime Minister Jean-Yves Le Corny stated in the French National Assembly on March 3 that Israel should cease its military operations in Lebanon and end its illegal occupation of the country, saying that Israel's continued fighting in Lebanon "has no legitimate reason" and that "undermining the already fragile ceasefire is unacceptable." He added that the Lebanese issue directly impacts the current US-Iran negotiations. (CCTV)

[Australian Prime Minister: US Tariffs on Australia "Unfounded," Ideological Differences Exist] (1) Australian Prime Minister Albanese stated on June 4 that the US plan to impose tariffs of 10% or 12.5% on 60 economies, including Australia, is "unfounded," and that there are "ideological differences" between the two sides on trade issues. (2) The Office of the United States Trade Representative previously issued a statement saying that the reason for the proposed tariffs was that the relevant countries "have not banned the import of products made with forced labor." Albanese pointed out that the US tariff policy deviates from the long-standing consensus that tariffs do not benefit the taxing country. (3) Australian Treasurer Chalmers also stated on the same day that the proposed tariff measures by the US lack legitimate basis and are inconsistent with the spirit of the Australia-US Free Trade Agreement.