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Inflation heats up, central banks turn hawkish! Is the wind changing for gold prices?
港股窩輪Jenny
joined discussion · Feb 4 11:13

[Warrant Perspective] Zijin Mining holds firmly above MA30; short-term bullish but be wary of volatility

On February 3, $ZIJIN MINING (02899.HK)$
The stock showed strong performance, closing at 41.36 yuan with a daily increase of 4.55%. The trading volume reached 4.847 billion yuan, showing sufficient liquidity and making it one of the leading stocks in the resources sector that day. Three other stocks in the same resource and mining category also rose, but with varying strength: $JIANGXI COPPER (00358.HK)$ This stock performed the closest to Zijin Mining, with a daily gain of 4.47%, highly correlated with Zijin's movement; $CHINAHONGQIAO (01378.HK)$ 、 $CHALCO (02600.HK)$ These two stocks rose by 1.26% and 1.55% respectively, which can be considered as follow-up increases, but with relatively weaker momentum.
Yesterday (August 3rd) on our [BOC Guest]February 3rd [BOC Guest]: Hang Seng Index, China Mobile, Zijin Mining, Zijin Gold International, Pop Mart, Xiaomi GroupIn this column, Niki Zhu Hong, director of Bank of China International, commented on the topic of gold prices: The recent rise in gold prices has indeed broken through, with international gold prices surging nearly 30% in just one month, surprising the market. No product’s price can only rise without falling, so such a rapid surge implies increasing risks going forward. In the short term, due to the sharp rise, short-term trading carries very high risk, and ultra-short-term speculation may not be an ideal timing. After all, gold is already at historical highs, with severe fluctuations—any minor change could trigger a pullback from these elevated levels. For instance, silver prices have dropped nearly 40% over the past couple of days, so beware of significant short-term volatility. $Hang Seng Index (800000.HK)$$CHINA MOBILE (00941.HK)$$ZIJIN GOLD INTL (02259.HK)$$POP MART (09992.HK)$$XIAOMI-W (01810.HK)$
Based on technical data, Zijin Mining's technical performance shows the characteristic of being "strong but with underlying concerns," broken down as follows:
The stock price is currently above the MA30 (38.97 yuan) and MA60 (35.70 yuan), indicating a positive long-term trend, but below the MA10 (42.06 yuan), facing short-term moving average resistance, and has not yet fully broken through the consolidation range.
On February 3, $ZIJIN MINING (02899.HK)$ The stock showed strong performance, closing at 41.36 yuan with a daily increase of 4.55%. The trading volume reached 4.847 billion yuan, showing sufficient liquidity and making it one of the leading stocks in the resources sector that day. Three other stocks in the same resource and mining category also rose, but with varying strength: $JIANGXI COPPER (00358.HK)$ This stock performed the closest to Zijin Mining, with a daily gain of 4.47%, highly correlated with Zijin's movement; $CHINAHONGQIAO (01378.HK)$ 、 $CHALCO (02600.HK)$ These two stocks rose by 1.26% and 1.55% respectively, which can be considered as follow-up increases, but with relatively weaker momentum. Yesterday (August 3rd) on our [BOC Guest][Share Link: February 3rd [BOC Guest]: Hang Seng Index, China Mobile, Zijin Mining, Zijin Gold International, Pop Mart, Xiaomi Group]In this column, Niki Zhu Hong, director of Bank of China International, commented on the topic of gold prices: The recent rise in gold prices has indeed broken through, with international gold prices surging nearly 30% in just one month, surprising the market. No product’s price can only rise without falling, so such a rapid surge implies increasing risks going forward. In the short term, due to the sharp rise, short-term trading carries very high risk, and ultra-short-term speculation may not be an ideal timing. After all, gold is already at historical highs, with severe fluctuations—any minor change could trigger a pullback from these elevated levels. For instance, silver prices have dropped nearly 40% over the past couple of days, so beware of significant short-term volatility.
The RSI indicator stands at 53, in a neutral-to-strong range, not entering the overbought zone, suggesting there is still room for short-term gains without signs of excessive speculation; multiple oscillation indicators overall remain neutral, consistent with the RSI signal.
The summary signal from technical indicators is "buy," with a signal strength of 8, but several moving averages suggest "sell." This divergence implies that after a short-term strong rebound, minor fluctuations may follow, making it unwise to chase highs blindly.
On February 3, $ZIJIN MINING (02899.HK)$ The stock showed strong performance, closing at 41.36 yuan with a daily increase of 4.55%. The trading volume reached 4.847 billion yuan, showing sufficient liquidity and making it one of the leading stocks in the resources sector that day. Three other stocks in the same resource and mining category also rose, but with varying strength: $JIANGXI COPPER (00358.HK)$ This stock performed the closest to Zijin Mining, with a daily gain of 4.47%, highly correlated with Zijin's movement; $CHINAHONGQIAO (01378.HK)$ 、 $CHALCO (02600.HK)$ These two stocks rose by 1.26% and 1.55% respectively, which can be considered as follow-up increases, but with relatively weaker momentum. Yesterday (August 3rd) on our [BOC Guest][Share Link: February 3rd [BOC Guest]: Hang Seng Index, China Mobile, Zijin Mining, Zijin Gold International, Pop Mart, Xiaomi Group]In this column, Niki Zhu Hong, director of Bank of China International, commented on the topic of gold prices: The recent rise in gold prices has indeed broken through, with international gold prices surging nearly 30% in just one month, surprising the market. No product’s price can only rise without falling, so such a rapid surge implies increasing risks going forward. In the short term, due to the sharp rise, short-term trading carries very high risk, and ultra-short-term speculation may not be an ideal timing. After all, gold is already at historical highs, with severe fluctuations—any minor change could trigger a pullback from these elevated levels. For instance, silver prices have dropped nearly 40% over the past couple of days, so beware of significant short-term volatility.
Friendly reminder: Investors who already hold the stock can continue holding and should monitor whether the resistance level at 43.9 yuan is broken. Those who haven't entered the market yet can wait for a pullback to the support level before considering entry, avoiding buying at high levels and enduring unnecessary volatility.
As of 10:51 AM today (the 4th), Zijin Mining's latest price was 41.4 yuan,Resistance levels are at 43.9 yuan (Resistance 1) and 47.1 yuan (Resistance 2); future focus will be on whether these resistance levels can be broken. Short-term support levels are at 38.2 yuan (Support 1) and 35.6 yuan (Support 2).
Warrant Bull/Bear Review: Past product performance and recommendations for selecting products going forward.
Reviewing the Zijin Mining-related warrant bull/bear products recommended on January 28, 2026, $UB#ZIJINRP2812B.P (57434.HK)$ stood out, rising by 71% within two days, while the underlying stock fell by 6.39% over the same period. The product matched the underlying stock’s movement well. This also reminds investors that warrant products are highly volatile, and you need to constantly monitor the underlying stock’s movements and the product's expiration time.
On February 3, $ZIJIN MINING (02899.HK)$ The stock showed strong performance, closing at 41.36 yuan with a daily increase of 4.55%. The trading volume reached 4.847 billion yuan, showing sufficient liquidity and making it one of the leading stocks in the resources sector that day. Three other stocks in the same resource and mining category also rose, but with varying strength: $JIANGXI COPPER (00358.HK)$ This stock performed the closest to Zijin Mining, with a daily gain of 4.47%, highly correlated with Zijin's movement; $CHINAHONGQIAO (01378.HK)$ 、 $CHALCO (02600.HK)$ These two stocks rose by 1.26% and 1.55% respectively, which can be considered as follow-up increases, but with relatively weaker momentum. Yesterday (August 3rd) on our [BOC Guest][Share Link: February 3rd [BOC Guest]: Hang Seng Index, China Mobile, Zijin Mining, Zijin Gold International, Pop Mart, Xiaomi Group]In this column, Niki Zhu Hong, director of Bank of China International, commented on the topic of gold prices: The recent rise in gold prices has indeed broken through, with international gold prices surging nearly 30% in just one month, surprising the market. No product’s price can only rise without falling, so such a rapid surge implies increasing risks going forward. In the short term, due to the sharp rise, short-term trading carries very high risk, and ultra-short-term speculation may not be an ideal timing. After all, gold is already at historical highs, with severe fluctuations—any minor change could trigger a pullback from these elevated levels. For instance, silver prices have dropped nearly 40% over the past couple of days, so beware of significant short-term volatility.
Today’s Selected Warrants:
Based on the trend and technical signals of Zijin Mining, we have selected two warrant products with relatively high cost-performance ratios, suitable for investors with different leverage needs, as follows:
1、 $CIZIJIN@EC2604A.C (21922.HK)$: Leverage of 8.7 times, exercise price of 48.58 yuan, core advantage is the lowest premium and implied volatility among similar products currently available, offering an excellent cost-performance ratio, ideal for investors optimistic about the long-term gradual rise of Zijin Mining who seek stability.
2、 $BI#ZIJINRC2612A.C (66030.HK)$: Leverage of 5.6 times, recovery price of 35 yuan, lowest premium and relatively higher actual leverage, suitable for investors who are short-term bullish on Zijin Mining, can tolerate certain fluctuations, and aim for higher returns.
On February 3, $ZIJIN MINING (02899.HK)$ The stock showed strong performance, closing at 41.36 yuan with a daily increase of 4.55%. The trading volume reached 4.847 billion yuan, showing sufficient liquidity and making it one of the leading stocks in the resources sector that day. Three other stocks in the same resource and mining category also rose, but with varying strength: $JIANGXI COPPER (00358.HK)$ This stock performed the closest to Zijin Mining, with a daily gain of 4.47%, highly correlated with Zijin's movement; $CHINAHONGQIAO (01378.HK)$ 、 $CHALCO (02600.HK)$ These two stocks rose by 1.26% and 1.55% respectively, which can be considered as follow-up increases, but with relatively weaker momentum. Yesterday (August 3rd) on our [BOC Guest][Share Link: February 3rd [BOC Guest]: Hang Seng Index, China Mobile, Zijin Mining, Zijin Gold International, Pop Mart, Xiaomi Group]In this column, Niki Zhu Hong, director of Bank of China International, commented on the topic of gold prices: The recent rise in gold prices has indeed broken through, with international gold prices surging nearly 30% in just one month, surprising the market. No product’s price can only rise without falling, so such a rapid surge implies increasing risks going forward. In the short term, due to the sharp rise, short-term trading carries very high risk, and ultra-short-term speculation may not be an ideal timing. After all, gold is already at historical highs, with severe fluctuations—any minor change could trigger a pullback from these elevated levels. For instance, silver prices have dropped nearly 40% over the past couple of days, so beware of significant short-term volatility.
On February 3, $ZIJIN MINING (02899.HK)$ The stock showed strong performance, closing at 41.36 yuan with a daily increase of 4.55%. The trading volume reached 4.847 billion yuan, showing sufficient liquidity and making it one of the leading stocks in the resources sector that day. Three other stocks in the same resource and mining category also rose, but with varying strength: $JIANGXI COPPER (00358.HK)$ This stock performed the closest to Zijin Mining, with a daily gain of 4.47%, highly correlated with Zijin's movement; $CHINAHONGQIAO (01378.HK)$ 、 $CHALCO (02600.HK)$ These two stocks rose by 1.26% and 1.55% respectively, which can be considered as follow-up increases, but with relatively weaker momentum. Yesterday (August 3rd) on our [BOC Guest][Share Link: February 3rd [BOC Guest]: Hang Seng Index, China Mobile, Zijin Mining, Zijin Gold International, Pop Mart, Xiaomi Group]In this column, Niki Zhu Hong, director of Bank of China International, commented on the topic of gold prices: The recent rise in gold prices has indeed broken through, with international gold prices surging nearly 30% in just one month, surprising the market. No product’s price can only rise without falling, so such a rapid surge implies increasing risks going forward. In the short term, due to the sharp rise, short-term trading carries very high risk, and ultra-short-term speculation may not be an ideal timing. After all, gold is already at historical highs, with severe fluctuations—any minor change could trigger a pullback from these elevated levels. For instance, silver prices have dropped nearly 40% over the past couple of days, so beware of significant short-term volatility.
Risk Warning:Warrants are derivatives with significant leverage effects; whether call warrants or bull/bear certificates, it’s crucial to manage risks, control position sizes, and avoid excessive speculation.
Do you think Zijin Mining will break through the resistance level of 43.9 yuan? A. Yes B. No C. Hard to say.
Come to the comment section and share your thoughts! Want to see more analysis? Remember to follow 'HK Stock Warrants Jenny' for daily updates!
Disclaimer: This article does not constitute any investment advice.
This article is for reference only and does not constitute any investment advice. The market data, opinions, and analysis contained herein may change at any time without prior notice. We are not responsible for any loss or damage caused by reliance on the information in this article. Technical analysis only shows whether certain technical conditions are met; a comprehensive assessment of asset performance should be conducted using additional data. Decisions to trade should not be based solely on this article. Please note that past performance is not indicative of future results.
#HongKongStocks #RealTimeAnalysis #WarrantsSelection #WarrantsStrategy #DerivativesHedging #HongKongWarrantsJenny #ZijinMining #ResourceSector #TechnicalAnalysis
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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