On August 25, the overall price of precious metals was positive, with gold prices fluctuating within the range of US$1750-1760/oz, and silver stabilizing at around US$19.00/oz.
Yesterday’s fundamentals U.S. durable goods orders data did not perform as well as expected. In the context of the still poor U.S. data, the U.S. index fell and gold and silver rose, while the U.S. EIA crude oil inventory in the week to August 19 was -3.282 million barrels, a sharp drop U.S. crude oil rose rapidly against the expected -933,000 barrels.
Today’s fundamentals are still critical, focusing on the announcement of the minutes of the European Central Bank’s July monetary policy meeting at 19:30. Then look at the 20:30 US initial jobless claims for the week to August 20 and the revised annualized quarterly rate of real GDP in the US in the second quarter.
Yesterday, the gold market opened at 1747.9 in the early trading, and then the market first fell to give a position of 1742.2, and then the market rose. The daily line reached the highest position of 1755.9 and then the market rose and sorted out. The daily line finally closed at the position of 1750.8. A spindle pattern with a lower shadow slightly longer than the upper shadow closes.
The price of gold is currently strongly suppressed near the middle rail and the moving average MA60, corresponding to the 1770-1780 line, short-term suppression near 1760, and support at the 1747 and 1734 lines.
After the silver opened at 19.118 yesterday, the market first fell back to give a position of 18.936, and then the market quickly rose. The daily line reached the highest position of 19.229 and then the market was sorted out. The daily line finally closed at 19.099. A doji with a slightly longer shadow than the upper shadow closes.
This trading day, silver maintained a slight rise in the market, the price of silver was stable near the 19.00 line, and the intraday silver price was concerned within the range of 19.00-20.00.