Source: Huatai Futures Author: Huatai Futures
Research report text
Macro side:Yesterday, a number of Fed officials suggested that interest rate hikes are far from over, and the number of first-time jobless claims in the United States last week did not increase but fell, approaching historical lows, highlighting the strong labor market and strengthening the reasons for raising interest rates. The US dollar index ushered in a rebound. China once broke through the 107 mark, which put the price of precious metals under temporary pressure, and the decline of silver was more obvious, but the changes in interest rate futures pricing for interest rate hikes were relatively limited.
On the other hand, there are still hidden dangers in the current geopolitical factors, and from the perspective of market positions in the near future, the current short position in U.S. bond futures is relatively large. Interest rates are down.
For this factor, the market outlook still needs to continue to pay attention. In general, although the price of precious metals is currently undergoing a correction, it is still recommended to focus on bargain hunting in terms of operation.
Fundamentals:On the last trading day (November 17), the gold trading volume on the Shanghai Gold Exchange was 17,610 kilograms, a decrease of 33.65% from the previous trading day. Silver trading volume was 891,250 kg, up 13.84% from the previous trading day.
Gold inventories on the SHFE stood at 3,075 kilograms, unchanged from the previous session. Silver inventories rose by 17,081 kilograms to 1,676,076 kilograms from the previous trading day. The latest gold SPDRETF position is 906.35 tons, unchanged from the previous trading day.
The silver SLVETF position was 14,735.74 tons, unchanged from the previous trading day. Yesterday (November 17), the Shanghai and Shenzhen 300 Index fell 0.41% from the previous trading day, while the electronic components sector rose 0.15% from the previous trading day. The photovoltaic sector fell by 1.16% from the previous day.
Strategy:
Gold: Cautiously bullish;
Silver: Cautiously bullish.
risk:The dollar and U.S. bond yields continued to rise.
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