贵金属日评：美国就业表现趋弱支撑贵金属价格-20251110

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The weak employment performance in the US supports the prices of precious metals. The high number of job cuts in US challenger enterprises in October and the decrease in non - farm employment private data have increased the probability of the Fed cutting interest rates in December. Additionally, factors such as geopolitical risks, expansion of fiscal deficits in many countries, and continuous gold purchases by central banks around the world may support precious metal prices [1]. 3. Summary by Related Catalogs 3.1 Market Data - Shanghai Gold: The closing price was 917.51 yuan/g, with a change of 0.13 yuan compared to the previous day and - 2.56 yuan compared to the previous week. The trading volume was 37,088, and the position was 255,562 [1]. - Shanghai Silver: The closing price was 38 yuan/10g, the trading volume was 460,064, and the position was 4,303,142 [1]. - COMEX Gold Futures: The closing price was 3,984.80 dollars/ounce, the trading volume was 183,645, and the position was 311,506. The inventory was 37,847,208.99 troy ounces [1]. - London Gold Spot: The price was 3,994.10 dollars/ounce [1]. - COMEX Silver Futures: The closing price was 48.23 dollars/ounce, the trading volume was 11,217, and the position was 102,295. The inventory was 483,133,331.10 troy ounces [1]. - London Silver Spot: The price was 48.70 dollars/ounce [1]. 3.2 Important Information - The US Treasury will auction 125 billion dollars in Treasury bonds this week, along with about 40 billion dollars in corporate bonds, posing a severe test to market liquidity. The US Bureau of Labor Statistics has postponed the release of the CPI report and suspended offline data collection [1]. 3.3 Long - Short Logic - The high number of job cuts in US challenger enterprises in October and the decrease in non - farm employment private data have increased the probability of the Fed cutting interest rates in December. The Fed provides liquidity to the inter - bank market through the Standing Repurchase Facility (SRF). Geopolitical risks in Russia - Ukraine, the Middle East, and US - Venezuela remain unresolved, and many central banks around the world are continuously buying gold, which may support precious metal prices [1]. 3.4 Trading Strategy - The strategy is to mainly lay out long positions when prices fall. For London gold, pay attention to the support level around 3,580 - 3,860 dollars/ounce and the resistance level around 4,180 - 4,384 dollars/ounce; for Shanghai gold, the support level is around 830 - 860 yuan/g and the resistance level is around 950 - 1,000 yuan/g. For London silver, the support level is around 39 - 42 dollars/ounce and the resistance level is around 50 - 55 dollars/ounce; for Shanghai silver, the support level is around 9,400 - 10,000 yuan/kg and the resistance level is around 11,600 - 12,400 yuan/kg [1].