Market trend: Shanghai Gold's main 2012 contract bottomed out, with intraday trading at 407.28-400.64 yuan/g, and closing at 404.04 yuan/g in late trading, down 1.1% from the previous day’s closing price, with a trading volume of 193,000 lots. Increased 52244 hands; holding 189,000 hands, a daily decrease of 7,283 hands; Shanghai Bank’s main 2012 contract opened lower and closed at 5149 yuan/kg in late trading, down 3.07% from the previous day’s closing price.
Market focus: The Asian dollar index continued to rebound and is currently trading at 93.64, up 0.12% daily. (2) TD Securities: The new US fiscal plan is unlikely to be released before the new Congress next year. (3) The IMF raised its forecast for global economic growth this year, and it is expected that China's economy will grow by 1.9%; it warns that the financial market and the economic situation are out of touch and may be a sharp correction.
Domestic positions: The top 20 long positions of Shanghai Gold's main 2012 contract were 96114 hands, 21,147 short positions, 74,967 net long positions, and 2427 contracts per day. The top 20 Shanghai Bank 2012 contracts have long positions of 274649 hands, short positions of 200775 hands, net long positions of 73,874 hands, a daily decrease of 2625 hands, and long positions are larger than short positions.
Foreign disk holdings: As of October 13, SPDR Gold Trust gold ETF holdings were 1,277.65 tons, the same as the previous trading day. At the same time, Shares Silver Trust silver ETF holdings amounted to 17,527.43 tons, an increase of 144.69 tons per day, indicating that the bullish atmosphere is rising.
Market research and judgment: Shanghai stock market precious metals all opened lower on October 14th, and the bulls lightened their positions. During the negotiations between Trump and Republicans, the deadlock restricted the advancement of the economic stimulus plan, while the continued rebound of the dollar index put pressure on the precious metals. However, technically, both gold and silver closed the shadow line, indicating that the support still exists below. Gold and silver hourly KDJ indicators diverged upward, gold futures focused on 400 support, and silver futures focused on daily 10-day moving average support. In terms of operation, it is recommended that Shanghai Gold’s main 2012 contract can sell high and buy low between 400-406 yuan/gram, and stop loss at 3 yuan/gram each. Shanghai Bank's main 2012 contract can sell high and buy low between 5060-5260 yuan/kg, with a stop loss of 100 yuan/kg each.
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