Gold: U.S. Treasury Yields and the U.S. Dollar Rise, Gold Coming Under Pressure, Silver: Falling More Than Gold

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Yesterday, COMEX silver closed down 4.4% to 21.485 US dollars per ounce, a record low since July last year, while gold fell relatively slightly. The U.S. dollar index rose rapidly and hit the highest point since September 2020. As the period of low volatility may end,MidlandThe expectation of savings and reductions is relatively strong, and the support for the rise of the US dollar has become more apparent. In addition, from the perspective of the economic gap between Europe and the United States, EuropeSMEsThe turning point has passed. Relatively speaking, the recovery of the United States is stronger than that of Europe, and the U.S. dollar has also gained certain support accordingly. At the same time, the current market is constantly trading on expectations that the increase in the net supply of U.S. debt after the debt ceiling is resolved will put pressure on U.S. bond yields, causing U.S. bond yields to react in advance and come under pressure to decline, bringing continuous downward pressure on gold and silver. The reason why silver has fallen more sharply than gold is that on the one hand, we believe that silver has better price elasticity. Silver tends to react more drastically than gold and is more sensitive to market changes.On the other hand, inPrecious metalsIn the framework of co-pricing with industrial metals, the recent trend of industrial metals has weakened, which casts a shadow over the trend of silver. Yesterday’s sharp drop caused silver to break the support levels of September and November last year. Since the quantitative high-frequency funds on silver are more than gold, it is not ruled out that some funds will be beaten out of the stop loss order and form a capital stampede. . From a technical analysis point of view, the pattern is going bad. If the bottom break is established, the space below will be further opened, and the lower support level should be seen near the 19 position. Judging from the follow-up trend, before the Taper and the debt ceiling fall,Precious metalsOr it will continue to remain weak and continue to see the bullish gold-silver ratio.

(Article Source:Guotai Junanfutures)

Article source: Guotai Junan Futures

Editor in charge: DF052

Original Title: Gold: U.S. Treasury Yields and the U.S. Dollar Rise, Gold Under Pressure, Silver: Decline More Than Gold