6.1 Shanghai Gold Exchange T+D Report

Basics:

The data released on Thursday showed that the Chicago PMI in the United States in May was 52.7, which was significantly lower than the expected 56.5, and also lower than the previous value of 56.2. At the same time, the data also showed that in the United States May Chicago purchasing managers new orders 52.9; output index 50.0, both the lowest since September 2009. In May, the purchasing price of purchasing managers in the United States was 60.4, which was the lowest since September 2010. After the data was released, the US and European stocks extended their losses, the US dollar index held steady at 82.20, and the gold price plunged and then fell.

Spot gold prices rose slightly on Thursday, after the deepening of the euro zone crisis caused some investors to risk higher assets and turned to gold, but May gold recorded for the fourth consecutive monthly decline, the longest decline in 12 years.

Gold rebounded technically after rebounding from technical support at 1,530 US dollars, gaining 30 US dollars. Despite this round of recovery, gold still fell 6% in May. This month, investors settled their positions due to falling stocks and commodities. Spot gold rose slightly 0.19% or 2.90 US dollars to 1,560.10 US dollars / ounce, the highest intraday hit 1572.94 US dollars / ounce, the lowest low of 1552.49 US dollars / ounce; gold fell 6% this month, is the highest monthly decline since late December last year At that time, gold was on the verge of a bear market. Gold performed better than stocks and other assets such as crude oil, and said that due to the turmoil in the euro area and the market worried about the global economic slowdown, gold may once again become a safe haven asset. Gold performance was better than stocks and commodities for the second day in a row. Today's data showed that employment and manufacturing in the United States were weak, and the United States will publish a non-farm employment report on Friday.

The Shanghai Gold Exchange (T+D) closed lower during the trading session on Thursday. The bargain hunting power began to subside since the previous trading day, while the further deterioration of risk sentiment caused by the European debt crisis continued to weigh on the silver price.

Silver (T+D) opened at 5899.00 yuan in the evening session, hitting the highest intraday high of 5912.00 yuan, the lowest fell to 5830.00 yuan, and closed down 23.00 yuan, or 0.39%, to 5872.00 yuan/kg.

International rating agency Fitch (Fitch) announced that it lowered the credit rating of 8 autonomous regions in Spain and gave a negative rating outlook. After the rating downgrade, the Basque region’s credit rating is “A+”. All other autonomous regions on the watch list have a long-term rating of “BBB”, and Madrid’s unlisted list has an “A-” rating. level.

There are rumors that Spain is discussing with the International Monetary Fund (IMF) about the country's bailout plan. Although the rumors were later refuted by the IMF spokesman and Spanish officials, there is no doubt that market risk sentiment is further suppressed.

The silver position of the world’s largest silver ETFIShares Silver Trust as of May 30 increased by 24.14 tons to 9,643.17 tons.

Technical side:

Gold:

From the chart point of view, gold fell below the three-year rising trend line, but gold should be able to hold the technical support level near 1,530 US dollars per ounce, after it had fallen to near the level in three weeks within two weeks, and Every time you can hold it.

Silver aspect:

The pressure range above silver is between 28.00-28.25, and the median of 28.15 can be considered as a short-term strong watershed. It is recommended to pay close attention to:

Operation suggestion:

Gold T + D: 1550 is not broken, more than one approach;

Silver T+D: short-forward and short-out;

June 1 (9:00 at the time of writing)

Li Qiyi

senior researcher

Exhibition Investment Economic Research Center