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ADP data does not affect the dollar's short-term willingness to rebound in gold and silver
Sep 3,2020 09:59CST
Source:Beit futures
The content below was translated by Tencent automatically for reference.

SMM News: [outer disk, news] overnight, COMEX gold closed at 1949.6, down 1.39%. The daily line Xiaoyin returned below the short-term daily average and continued to try back to support, but it did not break the recent crossover, supporting 1910, the pressure 1980 X Comex silver closing closed at 27.630, down 2.66%, the daily line Xiaoyin broke the 20-day moving average and formed a dusk star shape, and the short-term lowered the requirements again, supporting 26.2, pressure 28.6.

News: according to the Fed's beige book, economic activity has increased in most regions. ADP employment in the United States rose by 428000 in August, the third largest increase on record, but sharply below expectations of 1 million. The final monthly rate of orders for durable goods in the United States rose 11.4% in July. The monthly rate of factory orders in the United States rose 6.4% in July. The monthly rate of PPI in the euro zone rose 0.6 per cent in July and is expected to rise 0.5 per cent and 0.7 per cent in June. Bailey, governor of the Bank of England, said consumer spending was very uneven and negative interest rates were still in the toolbox, but did not plan to use them any time soon. Weidmann, president of the Bundesbank, said government aid measures to fend off the crisis must be temporary.

[fund positions] Gold ETF positions 1250.4 tons, down 0.05% from the previous day; Silver ETF positions 17781.5 tons, down 0.41% from the previous day.

[futures trend] Last night, Shanghai gold opened flat and fell back, re-under the short-term daily moving average, MACD green column grew again, short-term adjustment signs again, continue to pay attention to the 60-day moving average support; Shanghai silver flat opened after a small decline, 5-day moving average lost support meaning, MACD green column growth, short-term first look at the 10-day moving average support. 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. U. S. economic data released last night showed an increase in economic activity, the dollar continued to rebound and U. S. stocks rose. At the same time, both the governor of the Bank of England and the governor of the Bundesbank are lowering expectations of further big easing, coupled with a reduction in ETF positions, gold and silver are under pressure to adjust again in the short term. AU2012 support 413, pressure 425 million AG 2012 support 6060 3900, pressure 6300.

[operating strategy] Shanghai gold medium-term rally is effective, short-term retry support, before AU2012 break 413-425, reference 413-425 short-term trading, break 413 short-term trading; Shanghai silver medium-term rally is effective, short-term retest support, AG2012 reference technology short-term trading.

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