Yesterday, the United States released ADP private sector employment data. New ADP employment in April was 156,000, significantly lower than the expected 195,000, setting a three-year low, which means that Friday's non-farm payroll data may not perform well. After that, gold rebounded strongly to US$10, but the rally failed to last.
The ISM non-manufacturing PMI index released later in the United States rose to 55.7, the highest since December; the monthly rate of U.S. factory orders in March was better than expected, which means that the decline in the manufacturing industry may be coming to an end. New U.S. economic data released overnight were mixed. The U.S. dollar rose for two consecutive trading days and gold prices fell, while gold fell from a high of $1,300. This not only required adjustment, but also triggered profit-taking orders.
The U.S. Department of Commerce (DOC) announced that factory orders in March increased by 1.1% from the previous month, and were expected to increase by 0.6%. February was revised downward to decrease by 1.9%, and the previous value was a decrease of 1.7%. U.S. durable goods orders in March were revised to increase by 0.8%, compared with the previous increase of 0.8%. The U.S. Department of Commerce (DOC) said on Wednesday that the U.S. trade deficit in March was $40.44 billion. The deficit is estimated at US$41.50 billion, with imports hitting the lowest level in five years. After the weakness of ADP data, non-agricultural data attracted more market attention.
Technical analysis:
Silver continued its trend of retreating from high levels yesterday. The daily line once again recorded a small negative column with a lower lead, breaking out of the "three consecutive negative days" and the price rose. After reaching the top this week, as the US index gradually recovered, the price performance was weak. On the four-hour chart, the Bollinger Bands formed a wedge-shaped space and gradually flattened. The price ran between the middle and lower rails. The 5-day moving average crossed below the 20-day moving average to form a dead cross at 3700. The position is suppressed, and the price is running in the early stage of the overall movement. Above the indicators in the attached picture, the MACD dead cross continues to increase the volume, but the green kinetic energy column gradually decreases, KDJ and RSI merge into a golden cross and diverge upward. Taken together, the mid-cycle price continues to be weak, and the small On the cycle, the price shows a rebound trend, the overall mid-line is bearish, the short-term is long, and the day is mainly range operations.