FX168 Express is divided into stock market trends, commodity futures, bond convergence, market indexes, domestic news, and international news, which gather major domestic and foreign events that occurred in the Asian market today.
Gold and silver rebounded actively before the US Thanksgiving holiday, but the current reversal is being blocked. The number of people receiving unemployment benefits in the United States reached a new low in 1969 at the beginning of last week, which helped the dollar rise but pressured gold and silver prices to climb. The price of gold is currently reported at US$1790.34, while the price of silver is reported at US$23.58, and the US dollar index has risen to 96.847.
The U.S. market was closed on Thursday for the Thanksgiving holiday. As U.S. Treasury yields climbed, gold fell below the key psychological price of $1,800 on Tuesday, and the longer-term U.S. Treasury yields on Wednesday weakened. However, strategists pointed out that the rise in the U.S. dollar still poses resistance to dollar-denominated assets, as it will weaken the interest of overseas investors. The U.S. dollar index rose by 0.4% and 0.9% this week, bringing the index close to its highest level since the summer of 2020.
Economic data shows that the United States‘ orders for durable goods fell in October, the number of people claiming unemployment benefits last week reached the lowest level since 1969, and international trade shrank by 14.6% in October. The third quarter GDP growth rate was 2.1% after a slight revision.
Other data also highlighted higher than historical inflation. According to the Personal Consumption Expenditure Index (PCE), the index measuring the cost of goods and services rose by 0.6% in October, a 5% increase from the previous year, and an increase from the 4.4% growth rate in September. , Setting the highest level since December 1990. You know, the PCE index is the inflation indicator that the Fed prefers to use.
Powell was re-elected as chairman of the Federal Reserve. Investors have always regarded this as a signal that the Federal Reserve will adopt a more hawkish approach in 2022, and the latest batch of data shows that the economy continues to strengthen. Kitco senior analyst Jim Wyckoff said: “The gold bulls have faded this week, and we must stand up and show strength as soon as possible, otherwise there will be serious technical damage in the near future.”
OANDA senior market analyst Jeffrey Halley said that investors are unlikely to re-enter gold long positions during the holiday season. Halley mentioned: “The momentum will be weakened, which means that this week’s gains will peak in the US$1835 to US$1850 area, but if it reaches US$1810 per ounce, I will be surprised if the US Treasury yields remain this week. Strong, gold is likely to fall further.”
FXStreet pointed out that silver fell slightly during New York trading hours, with a drop of 0.80%. Since U.S. President Biden Powell was re-nominated for the Fed’s second four-year term on Monday, market sentiment has been pessimistic, which is good for the U.S. dollar. At the same time, except for short-term bonds, U.S. bond yields have fallen.
In addition, despite the low long-term nominal yield, the real yield has jumped from -1.91% to -1.67% in the past few weeks, putting pressure on non-yielding metals, as investors seem to be beginning to set US interest rates higher in 2022.
From a technical point of view, white metals have been falling, making the 100 and 200-day moving averages (DMA) higher than spot prices, while the 50 DMA at $23.53 is a support for silver, although as of press time, it seems to be giving way. The dollar is long. In addition, Tuesday broke through the two-month upward support trend line, providing further downward pressure on precious metals to open the door.
If silver recovers the $24 mark, it may pave the way for further gains. The first resistance level was the swing high of $24.87 on September 3, followed by $25.
FXEmpire analyst Vladimir Zernov mentioned that gold is currently trying to test support at $1775, while SPDR Gold Trust is trying to settle below $166.50. If gold successfully closes below $1775, it will move towards the main support level of $1750, which is negative for silver.
The gold/silver ratio closed above 75.50 and tried to test the 76 level again. Breaking through the 76 level will push the gold/silver ratio towards resistance at 76.50, which is not good for silver.
Silver is trying to settle below the support level of 23.50. Despite the recent correction, the RSI is still in a moderate zone. If there is a suitable catalyst, there is still enough room for additional downward momentum.
If silver closes below $23.50, it will move towards support at $23.20. Successful testing of this level will push silver to the next support level at 22.90 USD. If silver falls below this level, it will move towards support at $22.60.
On the bright side, the most recent resistance level for silver is at $23.90. Above this level will push silver towards the resistance of the 50 EMA at $24.00. If silver successfully closes above the 50 EMA, it will move towards the next resistance at the 20 EMA at $24.25.
A “gold rush” is happening!Hundreds of dredgers headed to tributaries of the Amazon River
On Wednesday (November 24), hundreds of dredgers operated by illegal miners gathered on the Madeira River, a major tributary of the Amazon River, setting off a gold rush.
Rafts equipped with water pumps lined up almost across the vast Madeira Islands. A Reuters witness discovered a large amount of exhaust gas, which indicated that they were drawing gold from the riverbed.
“We counted no fewer than 300 rafts. They have been there for at least two weeks, but the government has done nothing,” said Dannickli Aguiar, a Brazilian activist for Greenpeace.
The “Gold Rush” began when leaders of various countries gathered in Glasgow for the UN Climate Conference, when Brazil vowed to strengthen the protection of the Amazon rainforest. There are rumors that someone found gold there.
However, since taking office in 2019, far-right President Jair Bolsonaro has weakened environmental law enforcement, turning a blind eye to illegal loggers, ranchers and wildcat gold miners invading protected public and indigenous lands.
The Madeira River flows from its source in Bolivia through the Brazilian rainforest, flows about 2,000 miles (3,300 kilometers), and finally merges into the Amazon River.
Dredging boats descended from the Humaita area, where illegal gold mining surged. The last time it was found was 400 miles (650 kilometers) away in Utazes, an urban area southeast of Manaus.
A spokesperson for the Brazilian environmental protection agency Ibama said that the responsibility for illegal digging on the Madeira River is not the federal government, but the Amazon state and its environmental agency IPAAM.
IPAAM said in a statement that the rafts parked on the river are under federal jurisdiction, so the National Mining Agency (ANM) is responsible for issuing permits, and the Federal Police is responsible for checking for any criminal acts. IPAAM said that river traffic and pollution are the responsibility of the Navy.
ANM stated that this is not within their jurisdiction, because they only supervise legal mining, and criminal activities are a matter for the police and the courts.
Federal police said they are looking for the best way to solve this problem and prevent environmental damage.
“This is a melee,” Aguiar said. “The authorities have not taken any action to stop illegal mining, which has become an epidemic in the Amazon.”
【Chinese Stock Market】
The Shanghai Composite Index closed at 3,589.18 points in the morning, a decrease of 0.10%;
The CSI 300 Index closed at 4901.49 points in the morning, a decrease of 0.31%;
The Shenzhen Component Index closed at 14852.42 points in the morning, a decrease of 0.24%;
The GEM index closed at 3478.23 points in the morning, a decrease of 0.01%;
The small and medium-sized composite board closed at 14159.16 points in the morning, a decrease of 0.16%.
【US Stock Market】
The Dow Jones index closed down 8.63 points, or 0.02%, to 35805.17 points;
The S&P 500 index closed up 11.68 points, or 0.25%, to 4,702.38 points;
The Nasdaq Composite Index closed up 70.1 points, or 0.44%, to 1,5845.2 points.
【European Stock Market】
The German DAX30 index closed down 55.60 points, or 0.35%, to 15,881.40 points;
The British FTSE 100 index closed up 21.31 points, or 0.29%, to 7288.00 points;
The French CAC40 index closed down 2.39 points, or 0.03%, to 7042.23 points;
The European Stoxx 50 index closed down 7.07 points, or 0.17%, to 4,276.75 points;
Spain’s IBEX35 index closed down 25.26 points, or 0.29%, to 8789.84 points;
Italy’s FTSE MIB index closed up 169.60 points, or 0.63%, to 27109.00 points.
[Ministry of Ecology and Environment: The full implementation of the reform of the damage compensation system involves more than 9 billion yuan in compensation]The Ministry of Ecology and Environment held a press conference today (November 25). At the press conference, it was introduced that positive progress has been made in case practice. As of the end of this month, more than 7,600 ecological environment compensation cases have been handled across the country, and the amount of compensation involved exceeds 9 billion yuan, and promoted the treatment and restoration of a batch of damaged ecological environments, including the ecological damage case of the Muli Coal Mine in Qinghai, Qilian Mountains, which is of concern to the society, and is proceeding in an orderly manner in accordance with national regulations to compensate for ecological damage.
[China Coal Transportation and Marketing Association: A meeting on contract signing and performance of coal, steel and coke enterprises will be held on December 4]According to the China Coal Transportation and Marketing Association, in order to promote coal supply and demand companies to do a good job in signing and fulfilling the long-term coking coal contract in 2022, after discussing with the China Iron and Steel Industry Association and other units, it is decided to hold the coal-steel coking enterprise contract during the 2022 National Coal Trade Fair. The performance work meeting, which mainly discussed the signing of the long-term metallurgical coal contract in 2022, will be held at 9:00 a.m. on December 4, 2021.
[Beijing officially opens the first domestic pilot for commercialization of autonomous driving travel services]At the Beijing Yizhuang Innovation Release held on November 25, the Beijing High-level Autonomous Driving Demonstration Zone Office announced that Beijing officially opened the country’s first autonomous driving travel service commercialization pilot. The supporting management policies released at the same time show that under the premise of ensuring the principle of fair competition in the market, enterprises can adopt a market-based pricing mechanism; the experience charging service can only be opened on the premise of clearing the principle of charging and payment methods to passengers. This marks a new stage in the domestic autonomous driving field from testing and demonstration to commercial pilot exploration. Baidu and Xiaoma Zhixing have become the first batch of companies that are allowed to carry out commercial pilot services. At this stage, they will invest no more than 100 autonomous vehicles to carry out commercial pilot services in the 60 square kilometers of the economic development zone.
【The registered capital of Evergrande New Energy Automobile increased to 3.5 billion】Tianyancha App shows that recently, Evergrande New Energy Automobile Investment Holding Group Co., Ltd. has undergone industrial and commercial changes, and its registered capital has increased from approximately US$2.515 billion to US$3.5 billion, an increase of approximately 39%. The company was established in January 2019, and its business scope includes investment in areas where the state allows foreign investment in accordance with the law (foreign-invested enterprises only). The equity penetration chart shows that the company is indirectly wholly-owned by Evergrande New Energy Automobile Holdings (Hong Kong) Co., Ltd.
[Sweden’s first female leader resigns after quite a few hours]Only a few hours after being elected the first female prime minister of Sweden, Magdalena Andersson announced her resignation on the 24th. Andersson said at a press conference held on the evening of the 24th that the main reason for her resignation was her unwillingness to lead “a government that may be questioned for legitimacy.” According to a press release issued by the Swedish Parliament on the evening of the 24th, Speaker Andreas Nolen has approved Andersson’s resignation. Nolan will continue to consult with various parties on the current political situation in order to find possible solutions.
[Slovakia declares a state of emergency for 90 days after the epidemic worsens sharply]Due to the sharp deterioration of the new crown epidemic situation, the Slovak government announced on November 24 local time that from the 25th, the country will enter a 90-day state of emergency and open a 14-day national epidemic prevention blockade.
[Most of the U.S. concept stocks closed up, and the China Concept Internet Index ETF performed better than the three major U.S. stock indexes]Liulishuo closed up by more than 10.7%, Fogcore Technology by more than 8.8%, No. 1 High School Education by more than 8.7%, Dada by more than 8.3%, Graffiti Smart by more than 8%, and in the future, by more than 7.2%, Vipshop will go by more than 6.8%, Zhihu rose more than 6.7%, NetEase Youdao rose more than 6%, Xiaopeng Motor rose about 6%, Station B rose more than 4.2%, Head Education rose more than 3.9%, Ideal Car rose more than 2.7%, Pinduoduo It rose more than 2.6%, Gaotu rose 2.1%, New Oriental fell more than 0.8%, Ruixing Coffee, Tencent Music fell more than 1%, Weilai fell more than 1.4%, Weibo fell more than 2.1%, Dingdong Maicai fell about 3.1% . The China Internet Index ETF rose more than 1.9%, and the China Technology Index ETF rose about 0.5%.
[Europe has once again become the epicenter of the global epidemic]Last week, more than 60% of the world’s new crowns and deaths occurred in Europe. In this regard, the WHO stated at a news conference on Wednesday that a “false sense of security” is growing, believing that vaccines can end the epidemic If you think that people who have been vaccinated do not need to take any other preventive measures. WHO Director-General Tan Desai said that vaccines can save lives, but they cannot stop the spread of the virus. In addition, the special session of the World Health Assembly to be held next week will consider the need to develop a set of international instruments to better prepare for and prevent the threat of future pandemics. Return to Sohu to see more