Group 1 - Silver T+D prices rose on July 23, closing at 9432 yuan/kg, an increase of 1.13%, with a daily high of 9486 yuan/kg and a low of 9341 yuan/kg, indicating a bullish trend in the market [1] - The market's risk aversion has decreased as the U.S. reached agreements with more trade partners, contributing to the upward movement in silver prices [1] - The silver T+D market is expected to maintain a bullish outlook, with resistance levels identified at 9450-9478 and support levels at 9361-9367 [3] Group 2 - President Trump continues to criticize the Federal Reserve, but appears to have stepped back from plans to dismiss Chairman Powell, who shows no intention of resigning [2] - The White House is focusing on a $2.5 billion renovation project for the Federal Reserve, which has significantly exceeded its budget [2] - There is an expectation that the Federal Open Market Committee (FOMC) will maintain interest rates at the upcoming policy meeting, as Powell and colleagues want to assess the impact of Trump's tariffs on inflation before making further moves [2]

Group 1 - The ICE Dollar Index decreased by 0.19%, closing at 97.207 points, with an intraday trading range of 97.606 to 97.196 points [1] - The Bloomberg Dollar Index fell by 0.24%, ending at 1192.96 points, with an intraday trading range of 1197.12 to 1192.81 points [1] - After the opening of the US stock market, there was a significant and sustained decline following a brief period of narrow fluctuations [1]

Core Viewpoint - The resilience of the RMB against the USD is attributed to a combination of internal and external factors, with internal dynamics being fundamental, leading to a "stable yet strong" trend in the RMB exchange rate [1][2]. Group 1: RMB Exchange Rate Performance - The RMB has appreciated nearly 2% against the USD since the beginning of the year, maintaining stability despite significant fluctuations in the USD index, which has dropped over 10% [1]. - The RMB/USD exchange rate has shown a pattern of "low volatility and resilience," with fluctuations remaining significantly lower than those of the Euro, Yen, and most emerging market currencies [2]. Group 2: Internal Factors Supporting RMB Resilience - Key internal factors contributing to the RMB's stability include a robust domestic economic foundation, effective policy measures, and flexible central bank operations [2]. - The implementation of growth-stabilizing policies and various export strategies have provided intrinsic support for the RMB exchange rate [2]. Group 3: Market Dynamics and Future Outlook - The convergence of onshore and offshore RMB exchange rates, along with the central parity rate, indicates a significant reduction in price differentials, contributing to lower volatility [3]. - Analysts believe that the internal momentum supporting the RMB's stability is continuously accumulating, with expectations of ongoing positive policy measures in the second half of the year [3].

Core Viewpoint - The Euro has appreciated against the US Dollar, with a short-term increase of over 30 points, reaching a peak of 1.1758, while the US Dollar Index has seen a short-term decline of 20 points, dropping to a low of 97.27 [1] Summary by Relevant Categories - **Currency Movement** - The Euro to US Dollar exchange rate (EUR/USD) has risen by over 30 points, peaking at 1.1758 [1] - The US Dollar Index (DXY) has decreased by 20 points, reaching a minimum of 97.27 [1]

美元指数DXY短线走高10点，现报97.58。 美元指数 ...

Group 1 - The core viewpoint indicates that despite rising calls for interest rate cuts from President Trump and speculation about the potential firing of Federal Reserve Chairman Powell, the Fed's policy rate outlook remains largely unchanged due to increasing inflation pressures [2] - The Federal Reserve is expected to maintain the benchmark interest rate in the range of 4.25%-4.50% during the upcoming meeting on July 29-30, as inflation data shows a rise in the Consumer Price Index (CPI) from 2.4% to 2.7% in June [2] - The trend of declining commodity prices is reversing, contributing to overall inflation and suggesting that businesses may be passing some costs onto consumers [2] Group 2 - Atlanta Fed President Bostic noted that inflation may be at a "turning point," with nearly half of the goods experiencing annualized price increases of 5% or more, double the rate from January [2] - Fed officials project that the Personal Consumption Expenditures (PCE) price index will rise by 3% by the end of the year, but they only anticipate a 0.5 percentage point rate cut, which is significantly less than market expectations [2] - There is a general consensus among Fed officials against aggressive rate cuts, maintaining a cautious stance amid ongoing inflationary pressures [2] Group 3 - The US dollar index is facing key resistance in the 97.80-98.00 range, which coincides with recent highs and the upper boundary of a descending wedge pattern, creating multiple technical pressure points [3] - Momentum indicators show mild bullish signals, with the Relative Strength Index (RSI) recovering to near the neutral zone of 50, indicating a restoration of market momentum, though it has not yet reached overbought conditions [3]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, has seen a significant increase in holdings, reaching 954.8 tons, with a notable rise of 7.74 tons in a single trading day, indicating strong investor interest in gold amid economic uncertainties [6]. Group 1: Gold ETF Holdings - As of July 22, the total holdings of the SPDR Gold Trust stand at 954.8 tons, reflecting a substantial increase of 7.74 tons from the previous trading day [6]. - Over the past two trading days, the cumulative increase in gold ETF holdings has exceeded 10 tons, highlighting a growing trend in gold investment [6]. Group 2: Gold Price Movement - On July 22, spot gold prices rebounded for the second consecutive day, reaching a peak of $3433.53 per ounce, the highest since June 16, and closing at $3431.66 per ounce, up $34.73 or 1.02% [6]. - The price of gold is currently above all major simple moving averages (SMA), with the 14-day relative strength index remaining firmly above the midpoint, indicating a bullish trend [7]. Group 3: Economic Factors Influencing Gold - The decline of the US dollar index has been a significant driver for the rebound in gold prices, influenced by uncertainties surrounding trade agreements between the US and other economies such as Japan and the EU [6]. - Concerns over the US economic growth outlook, exacerbated by tariff uncertainties, have led investors to seek refuge in gold, further supporting its price [6]. Group 4: Technical Analysis - Following a strong breakout above the $3400 mark, gold prices are expected to target static resistance at around $3440, with a potential move towards the historical high of $3500 [8]. - Should there be a correction, gold may test the $3377 level, with support likely found around the $3330 area, which coincides with the 21-day and 50-day moving averages [8].

Group 1 - The US dollar index continues to weaken, with a decrease of 0.47%, closing at 97.392, indicating potential further declines in August [1] - Investment demand for precious metals is rising as the SPDR Gold Trust has increased its gold holdings by over 10 tons in two consecutive days, while the iShares Silver Trust has added 500 tons in the first two days of the week [1] - Market attention is focused on the upcoming Federal Reserve monetary policy meeting, with expectations of unchanged interest rates but speculation about potential rate cuts in October, which supports gold prices as a hedge during uncertain times [1] Group 2 - Gold prices experienced fluctuations, reaching a high of 3439.0 before retreating to a low of 3418.0, maintaining an upward trend within the hour timeframe [2] - The moving average system indicates a bullish trend for gold, with the 60-period moving average above the 100-period moving average, both showing upward momentum [2] - Oil prices are under pressure, with a potential for a slight breakdown and continued downward movement, suggesting a cautious trading approach [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - For gold, it is expected to be strong in the short - term, with a short - term upward trend, medium - term oscillation, and intraday oscillation on the stronger side, driven by the falling dollar [1][3]. - For copper, it is expected to be strong in the short - term, with short - term and medium - term upward trends and an upward intraday trend, due to the resonance of internal and external macro - economic improvements and industrial expectation enhancements [1][4]. Summary by Related Catalogs Gold - **Price Performance**: New York gold is approaching the $3450 mark, and Shanghai gold has reached the 790 - yuan mark [3]. - **Core Logic**: The dollar index has been falling recently. As the Fed's interest - rate meeting on July 30th and the important US tariff time - point on August 1st approach, market risk appetite may decline. Technically, the gold price has broken through the oscillation high since July [3]. Copper - **Price Performance**: The main copper futures price oscillated around 79,700 yuan yesterday, and the night - session was strong, with the main price once reaching the 80,000 - yuan mark. LME copper has recovered to the $10,000 mark, and Shanghai copper has recovered to the 80,000 - yuan mark [4]. - **Core Logic**: The falling dollar index is beneficial to copper prices. There is a resonance of internal and external macro - economic improvements, and the industrial expectation has also improved. The inventory of electrolytic copper has decreased significantly this week, and the 8 - 9 month spread remains the same as yesterday [4].

Core Viewpoint - The US Dollar Index decreased by 0.47% on July 22, closing at 97.392, indicating a weakening of the dollar against major currencies [1] Currency Exchange Rates - 1 Euro was exchanged for 1.1747 USD, up from 1.1693 USD the previous trading day [1] - 1 British Pound was exchanged for 1.3527 USD, up from 1.3488 USD the previous trading day [1] - 1 USD was exchanged for 146.57 Japanese Yen, down from 147.34 Yen the previous trading day [1] - 1 USD was exchanged for 0.7928 Swiss Francs, down from 0.7983 Francs the previous trading day [1] - 1 USD was exchanged for 1.3610 Canadian Dollars, down from 1.3681 Dollars the previous trading day [1] - 1 USD was exchanged for 9.5151 Swedish Krona, down from 9.5817 Krona the previous trading day [1]