Henan Muding Commodity Trading Center

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Yesterday, gold and silver as a whole showed a downward trend of shock . The international spot gold Asian market opened shortly after the Asian market opened with proven support and once rushed higher than the U.S. dollar, and then fluctuated lower. It refreshed the daily low of the U.S. dollar in the evening, and finally closed at the U.S. dollar, down .%. International spot silver saw a daily high of .USD at the opening, then went down, and bottomed out in the evening. The US dollar was low of .USD, closing at .USD, down .%.

Hot Spot Interpretation

As the US financial market was closed yesterday, the overall market trading was relatively light. The impact of the monthly non-farm payrolls report released by the United States last Friday is still fermenting in the market. As the U.S.'s monthly new non-farm payroll employment was significantly lower than expected, but the wage growth data and unemployment rate data performed well, this mixed non-farm payroll report failed to give a clear direction for gold trends. The temporary direction of gold and silver unknown.

Although gold has rebounded in the past month, this is mainly due to short covering and risk aversion. From a longer-term perspective, gold still maintains a downward trend. The U.S. economy is gradually improving, the Federal Reserve will raise interest rates this year, and global inflation remains low. These factors do not support greater upside potential for gold.

In terms of holdings, as of March 1, the gold holdings of the world's largest gold exchange-traded fund decreased by . tons compared with the previous trading day, to . tons. Data show that the net long position in gold during the monthly gold cycle increased for the fifth consecutive week. The sharp decline in short positions was the main reason for the increase in net long positions.

The United States has ended its holiday today and will return to the market. It is expected to increase market volatility. Europe will announce the revised annual rate for the second quarter at 5 p.m. In the evening, the Federal Reserve will release the monthly labor conditions index. If the data direction is consistent with the non-agricultural data, it will stimulate gold and silver to rise in the short term. On the contrary, it can further suppress gold and silver prices.

Technical Guidance

The gold daily line has been negative for four consecutive times, and the top is facing heavy suppression from the daily, daily, and daily moving averages. Although it once broke through the daily moving average support below yesterday, it quickly recovered, showing that the support is effective. From the hourly chart, gold prices are showing signs of rising. But there is obvious resistance above. Radicals can sell high and buy low between the daily moving average (USD) and the US dollar resistance area, and carry out ultra-short-term operations with light positions. Stable people recommend waiting and watching.

Silver has maintained a steady pace of recovery after bottoming out against the U.S. dollar on May. Yesterday it was confirmed again that the support near the US dollar is effective. It is still expected to go higher in the short term. It is recommended to pay attention to the resistance near the US dollar, sell high and buy low. You can continue to hold medium and long-term short orders