SMM7 March 21: I. Macroeconomic policy changes:

1. IMF: the Fed has room to increase asset purchases and forward guidance, and the US economy is expected to plunge 37% in the second quarter and shrink by 6.6% for the whole of 2020.

2. The Chilean Copper Commission expects copper production this year to fall by about 69400 tons, or 1.2 per cent, compared with the previous year, meaning that it is 2.6 per cent lower than the level expected before the new coronal pneumonia epidemic; it is expected to increase by 1.9 per cent in 2021 to 5.824 million tons. it is also 1.5 per cent lower than the level predicted before the epidemic crisis.

Two. Market performance:

Gold rose moderately in the previous session, with a high of $1820 / oz and a low of $1805 / oz to close at $1817 / oz.

In the previous session, TD gold rose slightly, closing at 398.31 yuan / kg, up 0.3 yuan.

Last trading day, TD silver rose slightly, closing at 4547 yuan / kg, up 31 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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