In the afternoon, gold and silver are on a "big counterattack"! Has the "gold pit" appeared?

In the afternoon of today, the prices of gold and silver suddenly rebounded, with the spot price of gold turning higher during the day, now at $4032.18 per ounce, after falling below the key level of $4000 per ounce earlier. The spot price of silver has erased its earlier drop of over 3% and is now up 0.93%, at $58.148 per ounce. Several institutions have lowered their target prices for gold, but still expect the gold price at the end of the year to be significantly higher than the current level. Some analysts believe that the current expectations of interest rate hikes are somewhat excessive, which will be a key factor driving the rebound in prices. Goldman Sachs believes that the gold price will rebound to $4900 per ounce by the end of the year. Sun Fukun, Vice General Manager of Huayuan Futures, stated that the current focus of market debate has shifted from "whether to raise interest rates" to "when to raise interest rates," with rate hikes in July, September, and December already priced in by the market, making rate hikes an unanimous market expectation. The US dollar index continues to strengthen, putting pressure on commodity prices denominated in dollars. Overall, the commodity market has entered a high volatility stage dominated by fundamental news, with multiple variables such as macroeconomic, geopolitical, and industrial factors intertwining, leading to reduced certainty in market trends. Traders need to strictly manage their positions and risks.