According to Jinshi, a research report by CITIC Securities pointed out that the rise of US stocks in 2023 benefited from the smooth decline of inflation. This logic has been broken since Q2, and US stocks will enter a risk-averse mode. The short-term gold price of $2,400 has fully reflected the pricing of the escalation of the situation in the Middle East. At the same time, the Fed's interest rate cut expectations continue to cool down, and gold is moderately band-operated above $2,400. In the medium term, there are signs that US inflation will rise again in the future. Once the inflation rebound trend is established, gold will follow the rise. Gold and US stocks may turn from the current resonance rise to differentiation, and gold will have relative gains relative to US stocks. The situation in the Middle East has escalated, and oil prices are aimed at $100.