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Today's PMI of various countries such as the new low of the US dollar but the lack of downward persistence of gold and silver shocks and partial stability.
Sep 1,2020 09:52CST
translation
Source:Beit futures
The content below was translated by Tencent automatically for reference.

SMM Network News: [outer disk, news] overnight, COMEX gold closed at 1974.5, up 0.08%, daily line closed at Yang Cross Star, 20 moving average is not valid, MACD green column continues to shorten, short-term is still a horizontal concussion. The monthly K line is set as Xiaoyin with long upper and lower shadow, showing shock adjustment, medium-term bullish trend is not bad, support 1930, pressure 1985, 2025, Comex silver closing at 28.435, up 2.41%, daily Xiaoyang continues to rise, short-term daily moving average upward, MACD green column continues to shorten. The monthly line is defined as Dayang, and the medium-term rally is effective, supporting 27.0 and pressure 28.7.

News: the Dallas Fed's manufacturing activity index was 8 in August, compared with a previous value of-3. Fed Bostick says the recovery will take longer and will be very uneven

[fund position] Gold ETF held 1251.5 tons, unchanged from the previous day, while silver ETF held 17855.07 tons, an increase of 0.36% over the previous day.

[futures trend] Last night, Shanghai gold opened a small rise, the daily line is still under the pressure of the 20-day moving average, short-term is still a small horizontal trend, the adjustment pattern has not been effectively broken; Shanghai silver opened slightly higher, futures prices maintained above the short-term daily average, 5-day moving average upward, MACD green column continued to shorten, short-term rebound momentum maintained. Fundamentally, the rising trend of overseas novel coronavirus confirmed cases continued, and the main tone of risk aversion and relaxation under the epidemic was maintained. At the annual meeting of the global central bank, Federal Reserve Chairman Colin Powell expressed increased tolerance for inflation; the governor of the Bank of England affirmed the role of policy in boosting the pound and still suppressing the dollar, which hit a new low last night, providing support for gold and silver. But it remains to be seen if action continues after the dollar's new low. Today, multi-country manufacturing PMI data for August will be released, as well as the Australian Federal Reserve's decision to focus on its impact on the short-term trend of the dollar and gold and silver. Yesterday, the stability of domestic August PMI data is good for silver, coupled with the rebound of silver fund positions, short-term silver appears to be more stable relative to gold. AU2012 support 415, pressure 426 × AG2012 support 6100, pressure 6400.

[operating strategy] the medium-term rally of Shanghai gold is not bad, short-term small horizontal trading, AU2012 does not break through 426 before only chasing high, every adjustment is mainly short-term; Shanghai silver medium-term rise is not bad, short-term shock rebounded, AG2012 profit and loss position moved up to the first line of 6100, light and much of every adjustment.

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