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The epidemic situation in Europe causes panic and gold and silver break adjustment to develop in depth.
Sep 22,2020 08:57CST
translation
Source:Beit futures
The content below was translated by Tencent automatically for reference.

SMM News: [outer disk, news] overnight, international gold and silver futures prices fell. COMEX gold fell as low as 1886.6, closed at 1918.1, fell 2.03%, and the daily line reported lower shadow, which technically broke the recent horizontal market, short-term daily average and MACD downward, adjusted downwards again, supporting 1880, pressure 1940; COMEX silver closed at 24.810, down 8.06%, daily line Juyin broke the recent horizontal market, intraday also punctured the 60-day moving average, short-term adjustment turned downwards again, technically, look at August 12 low support, support 23.7, pressure 26.0.

News side: European countries ushered in another high outbreak of the epidemic. Last week, the number of new confirmed cases of novel coronavirus was as high as 300000, breaking the record since the outbreak. The alert level of novel coronavirus in the UK has been raised from phase 3 to phase 4. ECB President Christine Lagarde reiterated that monetary stimulus would be intensified if necessary. Fed Kaplan believes the Fed will keep interest rates near zero for 2.5 to 3 years. The Dow Jones industrial average in the United States fell sharply, falling more than 900 points at one point in intraday trading.

[fund position] Gold ETF held 1278.82 tons, an increase of 1.51% over the previous day, while silver ETF held 17211.13 tons, unchanged from the previous day.

[futures trend] on the domestic side last night, Shanghai gold dived quickly after breaking the recent horizontal range, falling to 393.26 in intraday trading, then recovering most of the decline, short-term daily average and MACD downward opening again, the short-term shape was weak due to damage, but the performance was more repeated; Shanghai silver fell sharply after the low opening, and once hit the limit in intraday trading, which was technically adjusted by C wave after the horizontal range was broken recently. Fundamentally, European countries ushered in another high outbreak of the epidemic, news that the UK is considering a second round of blockade, most of the global stock index led by the Dow fell, which triggered market panic, affecting gold and silver. At the same time, the dollar rose sharply due to safe-haven stimulus, which also put pressure on gold and silver, which were the main reasons for the fall in gold and silver last night. However, the ETF of gold has soared again, refreshing new highs in recent years, which has a certain degree of restraint on the downward trend of gold, leading to the relative resistance and repetition of gold. Relatively speaking, silver in panic is weaker, so pay attention to differential treatment. AU2012 supports 402, pressure 411 × AG2012 reverse pumping pressure 5460, 5600.

[operating strategy] the medium-term rally of Shanghai gold has not been completely negated, the short-term break has been lowered, the AU2012 is not short-term, but the 411 short-term test; the medium-term rally of Shanghai silver has not been completely negated, the short-term C wave adjustment, the AG2012 light plate looking for opportunity to roll, the non-warehouse can not pull out the pressure to test the air.

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