Analysts: Investors are shifting to a risk-off mode and are significantly reducing their risk exposure. The Fed's meeting minutes and Nvidia's earnings report will impact the short-term direction.

On November 18, Cryptoquant analyst Axel posted on social media, indicating that the current stock market volatility is rising in sync with the interest rate/credit market volatility, marking a full shift of the market towards a risk-off mode. In this environment, funds and institutional investors are beginning to significantly reduce their portfolio risk exposure. Gold prices have fallen for four consecutive trading days, currently retreating to the level of 4,033. Investors are closely following multiple postponed U.S. economic data set to be released this week. The Fed meeting minutes, to be announced at 3 AM Beijing time on Thursday, will be a key catalyst, as this document can not only provide forward guidance for the interest rate path but also help the market assess the short-term direction of monetary policy. In addition, the artificial intelligence zone is exerting additional pressure on the market. Ahead of Nvidia's third-quarter earnings report scheduled for Wednesday after the market closes (5 AM Beijing time on Thursday), investor sentiment is becoming tense, as the company has always been the most critical market barometer in the entire AI field.