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[7.10 Zhishui Precious Metals Morning Review] Gold rises and falls back to Precious Metals may still have a technical correction in the short term.
Jul 10,2020 09:03CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 10: 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:

The price of gold fell slightly in the previous session, with a high of $1816 / oz and a low of $1801 / oz to close at $1803 / oz.

TD gold rose slightly in the previous session, closing at 401.96 yuan / kg, up 0.60 yuan.

Last trading day, TD silver rose slightly, closing at 4470 yuan / kg, up 55 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:

The last trading day, London gold closed with a long shadow line, the highest price failed to break through the previous day's highest price, the closing price closed above MA5, MA5 upward, MA60 continued to extend upward, RSI index is still in the overbought range, short-term technical correction may be, 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 rises and falls back precious metals may still 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 the early days of Loco-London gold trading, many orders continued to be held after the reduction of positions yesterday. ;

For TD several-day trading pre-order yesterday after the reduction of positions to continue to hold;

For intraday trading, Loco-London gold 1808 goes short, 1818 stops loss, 1795 stops profits;

For intraday trading, TD gold 400.30 goes short every high, 402 stops loss, 398 stops profit;

Silver

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

For several days of trading silver TD Prophase more than a single yesterday after the reduction of positions to continue to hold;

For intraday trading silver TD4430 goes short every high, 4460 stop loss, 4390 stop profit;

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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