20230822-银河期货-贵金属衍生品晨报_2页_782kb

Report Focus: Commodities Institute precious metal R&D report dated August 22, 2023, covering market update and technical analysis for gold and silver.

Market Conditions: On Tuesday, the US dollar remained near its recent high, with the 10-year Treasury yield reaching 4.362%, the highest since November 2007. Precious metals, including gold and silver, experienced a slight rebound after earlier declines due to stronger-than-expected US retail sales data, which indicated economic resilience.

Key Factors: Fed's hawkish meeting minutes suggested sustained high interest rates, boosting the dollar and Treasury yields. The widening US deficit also contributed to the yield increase, while higher real yields (e.g., Treasury Inflation-Protected Securities at 2%) reduced attractiveness for non-yielding assets like gold.

Technical Outlook: The short-term trend for London gold remains bearish, with prices below the 10-day moving average and support around 1884-1871. Silver showed mixed signals, with a slight recovery if the 10-day moving average is held, but resistance at 237 if bull market holds. In Shanghai markets, gold prices exhibit a range-bound pattern due to exchange rate fluctuations, with support at 4538 and resistance at 4586. These levels could offer trading opportunities if not broken.

Disclaimer: This summary is based on the original report and is for informational purposes only. It should not be interpreted as financial advice, as all investments carry risks based on market conditions.