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[7.9 Zhishui Precious Metals Morning Review] Gold breaks through the 1800 mark and precious metals may have a technical correction in the short term.
Jul 9,2020 09:56CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 9: I. Macroeconomic policy changes:

1. Beijing, July 2, 2030, the United States added 4.8 million non-farm payrolls in June, much higher than the expected 3.058 million, with the previous value revised to 2.699 million from 2.509 million. The unemployment rate fell further to 11.10 percent, below expectations of 12.50 percent and 13.30 percent.

2. Admiral Brett, assistant secretary for health affairs at the (Department of health and Human Services) of the U.S. Department of Health and Human Services, said the United States is not flattening the curve. The curve is still rising. "flatten the curve" means to reduce the infection rate of new crown pneumonia, which is a slogan in the early days of the outbreak. Giroir pointed out that the curve was successfully flattened at one point, but the number of cases in the United States increased again, led by southern and western states. Arizona, California, Florida and Texas account for 50% of new cases in the United States every day. Dozens of other states have also reported not only an increase in overall cases, but also an increase in the percentage of positive test results, an indicator of the growing epidemic.

Two. Market performance:

Gold rose moderately in the previous session, with a high of $1818 / oz and a low of $1791 / oz to close at $1808 / oz.

TD gold rose moderately in the previous session, closing at 399.40 yuan / kg, up 2.84 yuan.

In the previous session, TD silver rose moderately, closing at 4374 yuan / kg, up 49 yuan.

Three. Position analysis:

Gold and silver CFTC non-commercial net long positions are in the middle and high level, and the risk of long positions is gradually accumulating.

Fourth, technical analysis:

On the last trading day, London gold closed with a shadow Zhongyang line, the highest price broke through the previous session's highest price, the closing price closed above MA5, MA5 upward, MA60 continued to extend upward, the RSI index began to be in the overbought range, short-term may be a technical correction, but the medium-and long-term upward trend remains unchanged.

The first support level is $1800 / oz below, the second support level is $1788 / oz, the first pressure level is $1818 / oz above, and the second pressure level is $1850 / oz above.

5. Focus on Today

No important data or events.

Six. direction suggestion:

Gold breaks through the 1800 mark and precious metals may have a technical correction in the short term.

Gold

For gold medium-and long-term trading in the early multi-order to continue to hold;

For Loco-London gold trading in the first few days, the position was halved by 1808 more orders. ;

For TD in the early days of trading, more than one order to reduce the position by half;

Wait and see for intraday trading in Loco-London gold;

TD gold wait and see for intra-day trading;

Silver

For silver medium-and long-term transactions more than one order to continue to hold;

For several days of trading silver TD pre-order more than 4450 stop profit half of the position;

TD wait and see for intraday silver trading;

For spot trading today may be a small pullback, if not timely operation, as far as possible in the futures hedging operation.

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Gold
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