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[9.24 Zhishui Precious Metals Morning Review] the dollar index rebounded strongly and precious metals should not be easily bottomed out.
Sep 24,2020 08:04CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9 March 24: I. Macroeconomic policy changes:

1. At 2: 00 a.m. in Beijing on Thursday (September 17), the Federal Reserve released interest rate decisions, policy statements and economic forecasts. The bank kept its benchmark interest rate near zero and hinted that it would remain at least until 2023 to help the US economy recover from the epidemic. The FOMC "expects to maintain a loose monetary policy position" until inflation averages 2% over a period of time, and long-term inflation expectations remain stable at 2%, the statement said.

two。 The Fed's quarterly economic forecasts show that expectations for the economy are slightly more optimistic than in June. Here are a few key points:

1 GDP:2020 is expected to shrink 3.7 per cent a year (6.5 per cent in June); growth is expected to be 4 per cent in 2021

2 unemployment rate: 7.6% in 2020 (9.3% in June) and 5.5% in 2021

3 the price index of personal consumption expenditure ((PCE):) is expected to be 1.2% in 2020 (0.8% in June) and 1.7% in 2021.

4 the long-term federal funds rate is expected to be 2.5%, in line with the forecast in June.

two。 Market performance:

The price of gold fell sharply in the previous session, with a high of $1905 / oz and a low of $1855 / oz to close at $1863 / oz.

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:

For detailed analysis and operation suggestions, please contact Zhishui at 18571548148.

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