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Us data is good and rejects negative interest rates gold and silver fall back upward sustainability is affected
Jul 2,2020 13:06CST
translation
Source:Beit futures
The content below was translated by Tencent automatically for reference.

SMM Network News: [outer disk, news] overnight, international gold and silver fell from a relatively high position. COMEX gold closed at 1785.8, down 0.99%, the daily line swallowed yesterday's Xiaoyang, the technical breakthrough to the front high was denied again, the daily average and MACD uplink opening narrowed, the short-term continuous action capacity was temporarily limited, support 1760, pressure 1820 Comex silver closed at 18.315, down 1.51%, the daily line Xiaoyin returned to step on the daily moving average system, temporarily unbroken, short-term belongs to concussion repetition, support 18.0, pressure 19.0.

News: ADP employment in the United States rose by 2.369 million in June, the biggest increase in history, after a previous decline of 2.76 million, while the market is expected to increase by 2.9 million. The US ISM manufacturing PMI index for June was 52.6, up from 43.1 and expected to be 49.7. The final value of Markit manufacturing PMI in the United States in June was 49.8, compared with the previous value of 49.6. Us construction spending fell 2.1 per cent a month in May and is expected to grow by 1 per cent. The US House of Representatives passed a $1.5 trillion infrastructure bill. The minutes of the Fed meeting said that the current monetary policy position is still appropriate and that negative interest rates are not an attractive policy tool. The final PMI value of the UK Markit manufacturing sector in June was 50.1, unchanged from the previous value and expectations.

[fund position] Gold ETF held 1182.11 tons, an increase of 0.27% over the previous day; silver ETF position 15489.77, unchanged from the previous day.

[futures trend] on the domestic side, Shanghai Gold opened low last night, went down the May high, and broke the 5-day moving average, the effectiveness of the short-term breakthrough was not confirmed, the uplink continuity was not good, and the 10-day moving average support was concerned; the Shanghai Bank opened flat last night and retried the daily moving average system support, the daily moving average system remained upstream, and the MACD downlink opening closed, and the shape was not completely deteriorated. Fundamentally, the situation of the second round of the overseas new crown epidemic is still grim, and the two major supporting themes of risk aversion and relaxation under the epidemic are still effective. But the US ADP employment and manufacturing PMI data released last night are better, while the Fed minutes still reject negative interest rates, which puts short-term pressure on gold and silver, leading to a fall in futures prices. Let's take a look at the non-farm payrolls report in the United States tonight. AU2012 support 397, pressure 404 × AG2012 support 4310, pressure 4450.

[operating strategy] the medium-term rally of Shanghai Gold continued, short-term breakthroughs were not confirmed, shock adjustment, AU2012 multi-single reduction rolling; Shanghai Bank stabilized in the medium term, short-term retest support, AG2012 retreated more than 4310, held cautiously for the time being.

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