大盘回顾 风险溢价上行下的“结构性强势” 周一美股在多重不确定性交织下呈现出“指数走稳、结构分化”的典型格局。宏观层面，Donald Trump再度升级贸易摩擦，宣布将对韩国商品的对等关税从15%上调至25%，直接抬升全球贸易与地缘政治风险溢价。避险情绪迅速传导至大宗商品市场，黄金、白银盘中创下历史新高后出现获利回吐，显示资金在“避险—兑现—再配置”之间快速切换。 政策预期方面，美联储维持利率不变的概率高达96%，短期货币政策不再构成主要扰动，但“高利率维持更久”的背景，使市场对增长与估值的容忍度持续下降。与此同时，欧洲议会推迟是否恢复批准欧美贸易协议的决定，也令跨大西洋经贸关系的不确定性延续

On the M30 timeframe, XAUUSD (Gold) has entered a corrective and consolidation phase after printing a new All-Time High at 5111 during the previous session. Following this peak, price action shifted into a sideways structure and subsequently developed a bearish correction characterized by relatively

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