Market trend: today, the main 2106 contract of Shanghai Gold stopped falling and went higher, trading at 361.98-355.74 yuan / g during the day, closing at 360.36 yuan / gram, up 1.05% from the previous day's closing price, with a turnover of 179000 lots, a daily decrease of 28081 hands; positions of 135000 lots, a daily decrease of 6495 hands; the Shanghai Bank's main 2106 contract stopped falling, closing at 5316 yuan / kg, up 2.49% from the previous day's closing price.
Market focus: (1) the Asian dollar index continued to rise and is now trading at 92.085, up 0.13% on the day. (2) in the United States, non-farm payrolls rose by 379000 in February, exceeding expectations, and the unemployment rate fell to 6.2 per cent. (3) the U.S. Senate has passed a $1.9 trillion economic rescue plan.
Inner position: the top 20 long positions in Shanghai Gold 2106 contract are 63647 hands, short positions are 38270 hands, net long positions are 25377 hands, and the reduction of short positions is greater than that of long positions. Shanghai Bank 2106 contract top 20 long positions 222748 hands, short positions 175920 hands, net long positions 46828 hands, short positions more than long positions.
Outer position: as of March 5, SPDR Gold Trust gold ETF position was 1069.26 tons, down 24.27 tons a week, falling 8 weeks to the lowest level since April 14, 2020. At the same time, Shares Silver Trust Silver ETF's position was 18556.86 tons, down 599.74 tons a week, falling for four consecutive weeks to its lowest level since January 28.
Market research and judgment: on March 8, precious metals in the Shanghai stock market all stopped falling and went higher, among which the Shanghai Gold ended 8 consecutive declines and shorts reduced their positions to support it. During this period, the U.S. Senate passed the Biden $1.9 trillion economic stimulus package, but at the same time, the dollar and Treasury yields are still higher, limiting the rise of precious metals. Technically, the MACD green column of the gold-day line shortens, but the KDJ index of the hourly line turns downward; the KDJ index of the silver-day line turns upward, but faces multiple moving average resistance above. In operation, it is recommended that gold and silver wait and see for the time being.
