[7.17 Zhishui Precious Metals Morning Review] the ECB may pull back in the short term if it keeps loose precious metals.

SMM7 March 17: I. Macroeconomic policy changes:

1. Beijing, July 16, 1945, the European Central Bank stabilized interest rates and said PEPP would run until at least the end of June 2021 and reinvest in PEPP bonds that expire at least before the end of 2022. The ECB maintains the main refinancing rate of 0%, the marginal lending rate of 0.25% and the deposit mechanism rate of-0.5%. The ECB decided that the net purchase under the asset purchase program would be 20 billion euros per month, with temporary purchases of 120 billion euros by the end of the year. The emergency anti-epidemic debt purchase plan will be maintained at 1.35 trillion euros. Various measures enable the ECB to effectively avoid risks and achieve a smooth transmission of monetary policy.

Two. Market performance:

The price of gold fell slightly in the previous session, with a high of $1813 / oz and a low of $1794 / oz to close at $1797 / oz.

In the previous session, TD gold fell slightly to close at 399.66 yuan / kg, down 34 yuan.

In the previous session, TD silver fell slightly to close at 4541 yuan / kg, down 27 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:

5. Focus on Today

Six. direction suggestion:

Gold

Silver

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