贵金属日评：中美经贸谈判缓和或使贵金属价格承压-20251027

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The easing of Sino-US economic and trade negotiations and the strengthening of the US dollar index may put pressure on precious metal prices; concerns about the weakening of the US employment market, the expectation of future interest rate cuts by the Federal Reserve, the difficult - to - solve crisis of the US federal government shutdown, geopolitical risks, and the continuous gold - buying by global central banks support precious metal prices in the medium and long term [1] 3. Summary by Related Catalogs Market Data - Shanghai Gold: The closing price was 935.33 yuan/gram, down 38.37 yuan from the previous value; the trading volume was 71,850, and the position was 259,636 [1] - Shanghai Silver: The closing price was 11,317 yuan/ten - grams, down 146 yuan; the trading volume was - 29,842, and the position was 3,830,738 [1] - COMEX Gold Futures: The closing price was 4,126.90 US dollars/ounce, down 16.30 US dollars; the trading volume was 291,961, and the position was 372,229 [1] - COMEX Silver Futures: The closing price was 48.65 US dollars/ounce, down 0.24 US dollars; the trading volume was 72,046, and the position was 115,483 [1] - London Gold Spot: The price was 4,143.75 US dollars/ounce, down 39.35 US dollars [1] - London Silver Spot: The price was 48.01 US dollars/ounce, down 1.10 US dollars [1] Important Information - Trump promotes MAGA and protects the market, often using high - tariff announcements as leverage and then reducing them [1] - Sino - US economic and trade consultations in Kuala Lumpur reached a basic consensus on arrangements to address each other's concerns [1] Long - Short Logic - Positive factors: Concerns about the weakening of the US employment market increase the expectation of future interest rate cuts by the Federal Reserve and may approach the end of balance - sheet reduction; the difficult - to - solve crisis of the US federal government shutdown; geopolitical risks; the expansion expectation of fiscal deficits in many countries; and the continuous gold - buying by global central banks [1] - Negative factors: The Sino - US economic and trade negotiation reached a preliminary plan, the US credit crisis eased, and the strengthening of the US dollar index [1] Trading Strategy - Wait for the price to fall and then mainly layout long positions. For London gold, focus on the support level around 3,820 - 3,950 US dollars/ounce and the resistance level around 4,180 - 4,384 US dollars/ounce; for Shanghai gold, focus on the support level around 840 - 870 yuan/gram and the resistance level around 950 - 1,000 yuan/gram; for London silver, focus on the support level around 42 - 46 US dollars/ounce and the resistance level around 50 - 55 US dollars/ounce; for Shanghai silver, focus on the support level around 9,800 - 10,800 yuan/ten - grams and the resistance level around 11,600 - 12,400 yuan/ten - grams [1]