News summary
On May 27, the main contract of Shanghai Bank futures rose 2.5%.megamillionslotterywinners.31%megamillionslotterywinners, the highest intraday hit 8143 yuan/kg. Institutional analysis believes that although economic data and minutes of the Federal Reserve meeting have affected expectations of interest rate cuts, the upward trend of precious metals in the medium term remains unchanged. Focusing on the support level of gold and silver, silver prices are expected to remain bullish on a weekly basis.
Newsletter text
[The domestic precious metals market ushered in an all-round rise] On May 27, the domestic futures market precious metals sector rose across the board. The main contract of Shanghai Bank Futures opened at 8 per kilogrammegamillionslotterywinners,000.00 yuan, operating at an intraday high and oscillating; as of the close of noon, the main force of Shanghai Bank hit a high of 8,143.00 yuan and a low of 7,927.00 yuan per kilogram, recording a 2.31% increase. At present, the Shanghai banking market is showing a volatile upward trend, and the market performance is getting stronger. Regarding the Shanghai Bank's market outlook, the institutional views are as followsmegamillionslotterywinners: Bite Futures analysis pointed out that U.S. economic data disrupted expectations of interest rate cuts. The U.S. dollar rose first and then fell. ECB officials mentioned that interest rates might be cut in June. The stimulus from domestic real estate policies has subsided, and the international geopolitical situation remains turbulent. Gold and silver surged higher in the short term and were subject to profit-taking. Technology entered the adjustment stage, and silver formed a stronger form. Shanghai Gold AU2408 has a support level of 542 yuan and a pressure level of 570 yuan; Shanghai Bank AG2406 has a support level of 7,660 yuan and a pressure level of 8,300 yuan. The view is that the short-term rally of Shanghai Gold will be temporarily suspended and the daily line will show a shock adjustment; the medium-term rally of Shanghai Silver will be maintained and will need to be adjusted after accelerating in the short term. SDIC Anxin Futures reported that precious metals fell last week. The weekly jobless claims and the S & P manufacturing PMI in the United States both exceeded expectations and previous values. Strong economic data and the hawkish attitude of the Federal Reserve minutes weakened expectations for interest rate cuts. Despite this, the medium-term upward trend of precious metals is still solid. It is recommended to look for opportunities to go long during the correction. Gold and silver can focus on the support levels around US$2,300 and US$30. According to the analysis of Guoyuan Futures, this week, Federal Reserve officials stressed that it is inappropriate to over-interpret April CPI data and emphasized maintaining prudent policies. The chairman of the Cleveland Fed pointed out that it is inappropriate to cut interest rates three times this year. Federal Reserve Governor Waller believes that it is necessary to continue to have good inflation data before considering interest rate cuts, such as weak data in the next 3-5 months, or considering interest rate cuts at the end of the year. The minutes of the meeting showed that the fall in inflation lasted longer than expected. Some officials supported raising interest rates when risks reappeared and considered slowing down and shrinking the balance sheet starting in June. The Federal Reserve's hawkish attitude suppressed expectations of interest rate cuts, and the dollar's trend was strong and volatile. Although the macro situation is negative and geopolitical risks are reduced, silver is expected to remain bullish this week due to the impact of making up for the increase.