Canadian central bank stresses short-term rebound in loose gold and silver

SMM News: [outer disk, news] overnight, international gold and silver futures closed slightly higher. COMEX gold closed at 19555, up 0.85%, the daily line Xiaoyang broke the short-term daily average pressure, MACD green column shortened, there was a willingness to recover in the horizontal range, support 1908, pressure 1985 Comex silver closing 27.215, up 1.32%, daily line Xiaoyang did not fully close the short-term daily average, 5-day moving average and MACD downward, but MACD green column shortened, short-term adjustment stabilized, but still belongs to the horizontal range, support 26.5, pressure 27.5.

News side: the Bank of Canada said it would continue its quantitative easing program, keeping policy interest rates at an effective floor until economic weakness is digested to meet its 2 per cent inflation target and will buy at least C $5 billion of government bonds a week. In the week ended Sept. 5, Redbook commercial retail sales in the United States fell 0.1% from a year earlier, compared with an increase of 4.6%.

[fund position] the gold ETF position was 1252.96 tons, an increase of 0.23% over the previous day, while the silver ETF position was 17373.25 tons, a decrease of 0.46% from the previous day.

[futures trend] on the domestic side last night, Shanghai gold opened high and rose slightly. Technically, after holding the 60-day moving average and the front low, it began to challenge the short-term daily average upward. The downside opening of MACD narrowed, and the short-term was willing to pick up. Shanghai Bank fluctuated narrowly after opening slightly high last night, short-term daily average line and MACD down, but after the futures price broke invalid yesterday, the short-term showed signs of stabilization. Fundamentally, the rising trend of overseas novel coronavirus confirmed cases continues, and the two main lines of risk aversion and relaxation under the epidemic are maintained. In the short term, the Bank of Canada meeting maintained loose expectations, while the ECB's confidence in the economic outlook boosted the euro, allowing the dollar to end six consecutive declines, coupled with geographical factors, providing an opportunity for gold and silver to recover. AU2012 support 415, pressure 421,424th AG 2012 support 5850, pressure 6080.

[operating strategy] the medium-term rally of Shanghai gold is effective, the short-term shock rebounds, AU2012 tries to support every adjustment reference 415; the medium-term rally of Shanghai silver is effective, the short-term concussion is temporarily stable, and the short-term trading of AG2012 reference 5850-6080 is adjusted.

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