SMM11 March 10: from a macro point of view this week, Biden's victory is almost a foregone conclusion, and the uncertainty of the US general election is basically lifted. On the other hand, the risk of Brexit has been reduced and risk aversion in the market has plummeted, prompting investors to sell safe-haven gold and flock to riskier assets. The news that the first late-stage trial of novel coronavirus vaccine was successful overnight and the Russian Ministry of Health announced that the effectiveness of Russia's Sputnik-V vaccine was more than 90% hit the precious metal market again, and gold and silver fell today. At the close of trading during the day, the main 2012 contract of Shanghai Gold fell 3.1% to 396.54, while the 2012 contract of Shanghai Bank fell 6.01% to 5068.
Analysts believe that today in the market good news gradually digested, coupled with the weakening of the dollar index support, gold and silver have narrowed the decline, indicating that the lower support is still there. At a later stage, as the US election is almost over, fiscal stimulus is expected to continue to rise. In addition, the Fed's dovish attitude continued, and loose monetary conditions did not tighten.
In the short term, gold and silver are limited, and the high probability is mainly wide concussion. follow-up pay attention to the policy attitude of the new president of the United States and the controversial trend of the general election.
