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Market trading was very light on New Year's Eve on Thursday. The initial filings data released by the United States that day did not perform well. However, the weak data had little impact on the US dollar. Instead, the US dollar climbed in a good risk appetite environment, and silver prices fell under pressure. In the end, silver prices The price closed with a small positive line with an upper and lower shadow, down .%.
Fundamental Analysis
The U.S. dollar index rose to a two-week high, supported by policy differences between Europe and the United States. The rebound in oil prices also drove the U.S. dollar higher. The two economic data released by the United States that day were both worse than expected, but this did not limit the dollar's rise too much. Market focus is now turning to next week's non-farm payrolls report.
In terms of economic data on Thursday, the number of initial jobless claims released by the United States for the week and the performance of Chicago were both less than expected, but the impact of these two data on the market was limited. Specific data shows that the number of people applying for unemployment benefits for the first time in the United States in the week of March was . The number of people continuing to apply for unemployment benefits in the United States for the week of March 3rd was .00,000, expected to be . The number of people filing for unemployment benefits in the United States unexpectedly rose sharply this week, falling short of expectations and reaching the highest level in a month. Although this data may be temporarily affected by holiday factors, it may indicate that the labor market is gradually losing momentum. U.S. monthly Chicago forecast, previous value. The monthly decline in the number of orders accepted by U.S. companies and the decline in the number of new orders are the biggest reasons that have dragged Chicago below the boom-bust line again this time. This is also the second consecutive contraction in Chicago this year, indicating that demand is The decline comes as U.S. business activity is below seasonal normal levels.
Institutional positions
In terms of gold and silver positions, the world's largest gold position on the Yellow Solstice day is about . tons, which remains unchanged from the previous day. Huang's move to increase positions cannot be continued. The world's largest silver position was reported at . tons, the position remained unchanged from the previous day, and there was no change in the position in January.
Technical Analysis
Looking at the daily chart of silver, the red column has shrunk, the indicator opening is downward, and the moving average system crosses the dead cross, trending flat and downward. Looking from the hourly chart, the green column shrinks, the indicator opens downward, and the moving average system diverges downward, moving flat.
Long and short game
The performance of spot gold and the US dollar is slightly stronger, and the super weekly data pressure is greater. The short-term gold price may continue to fluctuate and bearish, with short-term support and short-term pressure.
According to a survey of the long and short views of all analysts in the Securities Finance Precious Metals Research Team, % of analysts are bearish on today's market, % of analysts are bullish on today's market, and % of analysts are bearish on today's market.
Reasons to be bullish: Thursday’s U.S. economic data was poor.