Comex gold futures hit an all-time high

SMM News: macro overview

Although there was no important economic data released yesterday, the market is worried about the soaring number of new cases in the United States. There will be a meeting of the Federal Reserve to discuss interest rates this week, and the market expects further easing and stimulus from the Fed. At present, due to the relative tension between China and the United States and the continued weakness of the US dollar index and many other factors, Comex futures reached an all-time high yesterday and still showed a strong pattern, breaking through the first line of US $1950 / oz. Under the circumstances that there is no reason for the current loose monetary policy to change, the strength of precious metals may continue.

Overview of fundamentals

Yesterday, the gold trading volume of the Shanghai Gold Exchange was 163498 kg, up 59.12% from the previous trading day. Silver turnover was 36, 232, 940, up 69.43% from the previous day. The gold inventory of the last Futures Exchange was unchanged at 1890 kg compared with the previous trading day. Silver stocks rose 14,217kg to 2108035 kg in the previous session.

Yesterday (July 27), the CSI 300 index rose 0.51% from the previous day, while the electronic components sector fell 0.09% from the previous day. The photovoltaic sector rose 3.36% from the previous day.

strategy

Gold: be cautious and bullish

Silver: be cautious and bullish

Gold-silver ratio: shorting every high

Internal and external arbitrage: suspension

Risk point

The orientation of the central bank's monetary policy has changed.

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