贵金属日评：美国就业表现企稳或使贵金属价格承压-20251106

Report Summary 1) Report Industry Investment Rating - Not provided in the report. 2) Core Viewpoints - The better - than - expected US employment data in October and the potential decrease in the Fed's December interest - rate cut probability, along with the reduction of the global major countries' debt due to a one - year Sino - US economic and trade agreement, may put short - term pressure on precious metal prices. However, geopolitical risks in regions like Russia - Ukraine, the Middle East, and US - Venezuela, the expected expansion of fiscal deficits in many countries, and the continuous gold purchases by central banks globally will support precious metal prices in the long - term [1]. 3) Summary by Relevant Information Market Data Summary - Shanghai Gold: The closing price was 909.53 yuan/gram, with a change of 2.25 yuan compared to the previous day and - 6.15 yuan compared to the previous week. The trading volume was 59,552.00, and the open interest was 254,730.00 [1]. - Shanghai Silver: The closing price was 11,276.00 yuan/kg, with a change of 38.00 yuan compared to the previous day and 23.00 yuan compared to the previous week. The trading volume was 805,726.00, and the open interest was 244,274.00 [1]. - COMEX Gold Futures: The closing price was 3,990.40 dollars/ounce, with a change of 38.00 dollars compared to the previous day and 23.00 dollars compared to the previous week. The trading volume was 171,785.00, and the open interest was 321,089.00 [1]. - COMEX Silver Futures: The closing price was 0.72 dollars/ounce, with a change of 47.86 dollars compared to the previous day. The trading volume was - 13,235.00, and the open interest was 102,717.00 [1]. - London Gold Spot: The price was 3,968.20 dollars/ounce, with a change of 19.70 dollars compared to the previous day and 17.10 dollars compared to the previous week [1]. - London Silver Spot: The price was 47.76 dollars/ounce, with a change of 1.17 dollars compared to the previous day and - 0.15 dollars compared to the previous week [1]. Important Information - The US government has been shut down for 36 days, the longest in history. Trump called for an end to the "filibuster" rule to restart the government. - The US "small non - farm" ADP added 42,000 jobs in October, exceeding expectations. The US ISM Services PMI in October rebounded above expectations, reaching an eight - month high, and the price - paid index hit a three - year high [1]. Trading Strategy - Hold previous short positions cautiously. For London gold, focus on the support level around 3,580 - 3,860 and the resistance level around 4,180 - 4,384. For Shanghai gold, focus on the support level around 830 - 860 and the resistance level around 950 - 1,000. For London silver, focus on the support level around 39 - 42 and the resistance level around 50 - 55. For Shanghai silver, focus on the support level around 9,400 - 10,000 and the resistance level around 11,600 - 12,400 [1].