Nanhua Futures(SH:603093) Jin Tou Wang·2025-11-06 09:31Macro News - The U.S. ADP employment numbers for October showed an increase of 42,000, the largest growth since July 2025, exceeding expectations of 28,000 [1] - The total employment numbers for September were revised to a decrease of 29,000 from a previous estimate of a decrease of 32,000 [1] - The ISM services PMI for October rebounded above expectations, reaching an eight-month high, while the prices paid index hit a three-year high [1] - The probability of the Federal Reserve maintaining interest rates in December is 37.5%, while the probability of a 25 basis point rate cut is 62.5% [1] Market Performance - On Wednesday, precious metal prices saw a slight rebound but remained in a narrow trading range, forming a reversal pattern from Tuesday [2] - COMEX gold for December delivery closed at $3,990.4 per ounce, up 0.75%, while silver closed at $47.86 per ounce, up 1.2% [2] - SHFE gold for December delivery closed at 912.26 yuan per gram, down 0.77%, and silver at 11,276 yuan per kilogram, down 0.73% [2] Investment Outlook - In the medium to long term, central bank gold purchases and increased investment demand due to monetary easing prospects and phase-specific hedging trades are expected to support higher precious metal prices [2] - However, in the short term, a period of adjustment is anticipated, with November likely lacking strong driving forces [2] - Key resistance levels for London gold are between 4,050-4,100, with support at 3,900 and strong support in the 3,800-3,850 range; for silver, resistance is at 49.5-50, with support at 47.5 and strong support at 45.5 [2]