Institutions: Gold's decline has halved, but the risk of further decline remains high.

Investinglive analyst Giuseppe Dellamotta stated that gold has entered a recovery phase after experiencing its worst pullback in decades. However, fundamental factors remain unfavorable for gold price increases, so gold will either remain in a wide trading range below its January highs or face the risk of further declines in the coming weeks or months. In fact, Monday's US ISM Manufacturing PMI was strong, with the new orders index jumping to its highest level since 2022. Although this data did not trigger a new round of selling (as the Fed is primarily focused on the labor market and inflation), the risk of further downside for gold prices remains. Today, the market will see the release of US ADP employment data and ISM Services PMI data. Unexpectedly strong data could trigger a hawkish reassessment of interest rate expectations, thus putting pressure on gold. Conversely, if the data is weak, the gold price rebound may continue and break new highs while awaiting next week's non-farm payroll report. (Jinshi)