Pre-market trend | CHOW TAI FOOK (1929.HK) 5/20 Gold prices at high levels can't support stock prices, retail winter deepens?

At today's close, CHOW TAI FOOK fell by 1.09%, with a transaction volume of HKD 120 million. The MACD daily line triggered a death cross signal below the zero axis, further confirming a weak mid-term pattern. As the leading jewelry retailer in the Hong Kong stock market, CHOW TAI FOOK's performance is influenced by gold prices on one hand, and is closely related to consumer sentiment on the other. Although gold prices continue to operate at high levels (spot silver rose by 2% today, and while Zijin Gold International fell by 4.33%, precious metals overall remain strong), the rise in gold prices has not translated into support for CHOW TAI FOOK's stock price, reflecting that market concerns about retail demand may outweigh the product premium effect brought by rising precious metal prices. On the news front, Lao Pu Gold plummeted by 6.94% today, and Zijin Gold International fell by 4.33%, putting collective pressure on the gold jewelry retail sector. The market worries that high gold prices are suppressing physical gold consumption demand, and the logic of "buying the rise and not the fall" may reverse to a wait-and-see approach after gold prices continue to hit new highs. Meanwhile, in a global high-interest-rate environment, consumer confidence indices remain persistently low, with luxury goods and discretionary consumption being the most affected. Although there are highlights in the mainland's May Day consumption data, the year-on-year growth rate in the gold jewelry segment has significantly slowed. The Hong Kong stock consumer sector weakened overall today, with Kang Shifu down 1.71% and Conch Cement down 1.51%, as a decline in systemic risk appetite puts pressure on consumer stock valuations. Technically, CHOW TAI FOOK's moving average system is operating in a bearish manner, and the MACD death cross below the zero axis confirms that the mid-term downward trend has not yet ended