International spot gold traded at $1,570.80 an ounce in early Asian trading on Monday. Intraday gold was choppy, rising to a high of $1,576.50 an ounce earlier, but has since retreated to a session low of $1,568.88, where it continues to retreat.
COMEX April gold closed up $3.40, or 0.22 percent, at $1,573.40 an ounce.
Jim Wyckoff, senior technical analyst at Kitco, expects gold prices to rise, and the gold market and you have shown great resilience in the face of gains in competing asset classes — equities.
Daniel Pavilions, the senior commodities broker at RJO Futures, said: “it looks like gold will eventually rise to its recent high. If the coronavirus continues to become a concern, gold will continue to be bought.”
Phil Flynn, senior market analyst at Price Futures Group, expects gold prices to rebound after falling to the lower end of their trading range recently. Earlier this week, prices fell amid hopes that the coronavirus could be brought under control quickly. But he added that recent news reports suggest this may not be the case. “It’s going to keep people looking at gold as a safe haven,” Flynn said.
Charlie Nedoss, senior market strategist at LaSalle Futures Group, added that market participants appeared to be watching for a downward revision in the jobs data. While U.S. non-farm payrolls rose sharply in January, the figure for 2019 has been revised down by about half a million. “I think gold is finding support around $1,560. I don’t expect a big rally, but hopefully, we’ll get some momentum going into the week.”
Days, according to national WeiJianWei new bulletin on February 9, 0-24, 31 provinces (autonomous regions and municipalities directly under the central government) and the xinjiang production and construction corps report, new confirmed cases, 3062 cases (2618 cases) of hubei province, and severe cases 296 cases (258 cases) of hubei province, the new death cases, 97 cases (91 cases of hubei, anhui in 2 cases, heilongjiang, jiangxi, hainan, gansu each 1 case), the new suspected cases 4008 cases (2272 cases) of hubei province.
On the same day, a total of 632 cases (356 in hubei province) were cured and discharged from hospital, and 29,307 people had close contact with the patient under medical observation.
On the daily chart, the dollar index held on to its rally from recent lows, the MACD red momentum column continued to expand, and the KDJ random index moved higher, indicating strong dollar rebound momentum and continued recent gains.
As shown in the 4-hour chart, the USD index rose to 98.73, then fell slightly under pressure, the MACD red momentum column narrowed slightly, and the KDJ random index continued to decline modestly, indicating that the USD short-term retracement momentum was restarted, followed by or continue to maintain the downward trend.
On the daily chart, gold has rebounded slightly from its recent lows to break above its 20-day moving average. Technically, the MACD green kinetic energy column is unchanged, and the KDJ random index is moderately flat, indicating that gold is likely to remain stuck in a period of consolidation.
On the 4-hour chart, gold maintained its recent volatile rally, with the MACD red momentum column narrowing slightly and the KDJ random index turning lower, indicating gold may be under pressure to fall in the short term.
Fundamentals favorable factors:
1, 9 to February 24, according to the 31 provinces (autonomous regions and municipalities directly under the central government) and the xinjiang production and construction corps, the existing 35982 cases of confirmed cases of 6484 patients with severe cases (), the cumulative cured cases, 3281 cases of hospital, the cumulative death cases, 908 cases, has reported 40171 cases of confirmed cases (hubei subtract 87 examples, jiangxi province, gansu subtract 1 case), the existing 23589 cases suspected cases. A total of 399,487 close contacts were traced, and 187,518 close contacts were under medical observation.
2. A team of world health organization (WHO) experts left for China on Sunday (9 February) to help contain the outbreak of the new coronavirus, WHO director-general Tedros Adhanom Ghebreyesus said on twitter.
3. On February 5, the world health organization (WHO) announced the launch of a “strategic preparedness and response plan” for the outbreak of the novel coronavirus, which aims to guide the development of outbreak response plans at a different country or regional levels.
4. Officials at the U.S. centers for disease control and prevention (CDC) confirmed that 11 cases have been confirmed in the United States, two of which were transmitted through human contact within the country.
Fundamental negative factors:
- The U.S. labor market strengthened further on Friday after the labor department reported that nonfarm payrolls rose 225,000 in January, well above Wall Street’s 160,000 estimates and revised to 147,000.
2. The number of Americans filing new claims for jobless benefits fell to a nine-month low on Thursday, falling to 202,000 in the week ended February 1. The data showed that a tight labor market will continue to support the U.S. economy this year.
3.The tariff commission of the state council announced on February 5 that it would adjust the tariffs on about $75 billion worth of imports from the United States. Starting from 13:01 on February 14, 2020, the tariff rate for goods that have been subject to a 10% tariff since September 1, 2019, will be adjusted to 5%; For goods already subject to a 5% tariff, the rate will be adjusted to 2.5%.
4. The US Senate voted on February 5 to reject two articles of impeachment accusing President Donald Trump of abusing his power and obstructing Congress. Mr Trump became only the third President in US history to be exonerated by the senate and remain in office.