CITIC Securities: Risks increase after US interest rate cut, gold and oil prices are expected to rise

CITIC Securities Research Report believes that in the past two months of interest rate cuts, US stocks have risen as expected. However, in the future, attention should be paid to the risk of "buying expectations and selling facts" after the interest rate cut is implemented. It is expected that the P/E ratio of Dow Jones Industrial Average will gradually return to below 20 times. After remaining flat during the interest rate hike cycle, gold prices are expected to perform stronger during the upcoming interest rate cut period. The current spot gold price is at the end of a triangle consolidation pattern, with a greater possibility of breaking through upwards. It is recommended to pay active attention. It is predicted that the phase decline in oil prices starting from October last year will soon come to an end, and oil prices are expected to start a new round of upward trend.