July 17th, precious metals continued to rise overnight, especially silver led the rise sharply, and the gold-silver ratio returned to around 78, the previous low. As the market expected that the Fed may soon end the interest rate hike cycle, the U.S. dollar index fell for the first time in 14 months Breaking through the 100 mark, the lowest level in more than a year.
The U.S. PPI data also fell again more than expected. Although the current job market is still tense, market expectations are ahead, market risk appetite has risen sharply, and asset prices have generally risen. In the future, we need to pay attention to the persistence of the US dollar breaking through one hundred and the latest statement of the Federal Reserve on the July Fed interest rate decision.
Precious metals are expected to run strongly in the short term. Due to the appreciation of the renminbi and the contraction of domestic and foreign prices, the operating range of Shanghai Gold 2310 is 440-460 yuan/gram, and the operating range of Shanghai Silver 2308 is 5400-5750 yuan/kg. Buying at the upper limit of the range is appropriate into a bearish operation.
