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Review of precious metal market trends
The U.S. dollar index fell sharply yesterday and fell below the previous low of the previous line. The lowest reached and finally closed at. Gold opened at yesterday, forming a barefoot Yang line. The highest reached and finally closed at. Spot silver yesterday trended opposite to gold, opening at and the highest touching , and finally reached the lowest level in late trading, and finally closed at, closing with a small negative line.
Fundamental Analysis
Yesterday, the United States announced the monthly data. The final result of the data can be said to be unsatisfactory, worse than expected and lower than the previous value. But then New York Fed President Dudley gave a hawkish speech, supporting the Fed to raise interest rates. Dudley not only said that there is still the possibility of raising interest rates in March, but he also said that the Federal Reserve may raise interest rates more than once before the year! This was diametrically opposed to previous market expectations, ultimately causing precious metals to fall sharply and investors regaining confidence in the U.S. dollar. I have to say that Dudley’s speech this time completely played a role in reversing market sentiment. After all, Dudley ranks third among the Federal Reserve in terms of status. Judging from his past performance, he is the strongest supporter of Federal Reserve Chairman Yellen. His remarks are likely to have a huge impact on the Fed's decision-making.