SMM News: precious Metals
Daniel Ghali, commodities strategist at TD Securities (TD Securities), said gold's long-term performance is still bullish and will give gold a boost no matter who wins the US election. But if Biden wins, the driving force for gold's rise may be a little bigger. Ghali believes gold could hit the $1975 / oz level upwards, but the support of the lower 1875 also needs to be watched.
Afshin Nabavi, senior vice chairman of MKS SA, believes that any decline in the gold market is a buying opportunity. After gold broke through the $1920 / oz mark last week, the next key resistance level was 1960. The lower support is in the area of 1870 to 1880, and the horizontal support is strong.
Daniel Pavilonis, a senior commodities broker at RJO Futures, said the overall environment was dominated by risk sentiment. This week we will focus on resistance levels of $1960 to $1980 an ounce.
Margaret Yang, a strategist at DailyFX, said the dollar index rebounded slightly, putting pressure on gold. "but the short-term technical trend in gold is still positive and it is possible to test the resistance level of $1942 / oz soon."
Colin Cieszynski, chief market strategist at SIA Wealth Management, expects gold prices to rise this week, but will remain confined to volatility zones. For the price of gold to hit a new high, more stimulus projects are needed.
Adrian Day, chief executive of Adrian Day Asset Management, said gold's two-step, one-step move would start to attract investors back to the market.
Foreign exchange market
Credit Agricole said the Canadian dollar had recently been well supported by increased risk sentiment. Given the lack of blockbuster data this week, we expect the Canadian dollar to remain driven by external factors such as overall global risk sentiment, particularly commodity prices.
The foreign exchange strategy department of Fahrenheit Bank holds neutral expectations for the euro / dollar in the short term, and the market has partially priced the uncertainty after the US election and the ongoing discussion of the fiscal stimulus package. However, we maintain a medium-term bullish trend and do not believe that there will be a major fall in the euro / dollar.
ING said the market would be watching a pre-recorded speech by ECB President Christine Lagarde as part of the IMF's autumn meeting. The market is already familiar with claims that its recovery is "uncertain and incomplete", but it may not be fully priced. Without the rise of the renminbi, it would be difficult for the euro / dollar to rise to the 1.1860 region-so we tend to expect euro consolidation today. The support level should be around 1.1760 Universe 70.
