In Asian trading on Monday, spot gold fell under pressure to fall below the $1,730 mark and hit as low as around $1,724.
Gold prices ended the week lower, with spot gold pulling back after hitting a more than seven-year high of $1,764.80 an ounce last Monday and settling in the 1,710-50 range for most of the week.
Worldometers world real-time statistics show that as of 09:18, Beijing time on May 25, the global total number of confirmed covid-19 cases exceeded 5.19 million, reaching 5,497,650, and the total number of deaths exceeded 334,000, reaching 346,675.
Among them, the United States has more than 1.68 million confirmed cases of covid-19, reaching 1,686,436, and more than 99,000 deaths, reaching 99,300. Both confirmed cases and deaths are the largest in the world.
The world health organization (who) has designated South America as the “new epicenter” of the coronavirus outbreak in the United States and Russia, reminding the world to pay attention to the situation in South America.
Brazil now has more than 360,000 confirmed cases and 22,000 deaths, the second highest number in the world. The number of recent deaths in the country has doubled in just 11 days, a frightening trend. Many experts also believe that Brazil is under-tested for the virus, estimating that the actual number could be more than 15 times what has been reported.
The world health organization (who) said on Friday that South America has become the “new epicentre” of the global outbreak, with Brazil the worst affected and other countries such as Peru and Chile reporting a rapid increase in cases.
Brazil’s epidemic is getting worse, but President Jair Bolsonaro has called it a “little flu.” He insisted on the resumption of commercial activities and the lifting of the epidemic restrictions. The lancet, a leading medical journal, went so far as to denounce Mr Bosonaro as Brazil’s “greatest threat”.
The White House announced on May 24 that President Donald Trump would restrict the entry of non-us citizens from Brazil in light of the soaring number of covid-19 cases in the country.
“Today, the President took decisive action to protect our nation by temporarily suspending the entry into the United States of any foreigner who has been in Brazil for the past 14 days,” White House spokeswoman Kayleigh McEnany said in a May 24 statement. The travel ban went into effect at 23:59 GMT on May 28.
Like the other bans, it does not apply to U.S. citizens, legal U.S. permanent residents, or spouses, parents or children of legal permanent residents who will also be allowed to enter the United States. The restrictions also do not apply to trade between the United States and Brazil.
President trump’s national security adviser Robert O ‘brien revealed earlier on Sunday that the trump administration is likely to announce a travel ban on Brazil on Sunday night, barring travelers from Brazil from entering the United States. The us has previously announced similar travel bans on China and Europe.
“Because of the situation in Brazil, we will take all necessary steps to protect the American people,” O ‘brien told CBS.
On the daily chart, the dollar index stayed strong for the second straight week, now trading around 99.80, with an eye on breaking the 100 mark. From a technical point of view, the MACD green kinetic energy column is gradually weakening, while the KDJ random indicator is trying to stabilize below 50, suggesting that short dollar momentum is gradually weakening and then rising further.
As you can see from the 4-hour chart, the usd index is currently trading near a dense moving average, looking to break through the key 60-phase moving average of 99.87. The MACD red kinetic energy column began to narrow and the KDJ stochastic gauge hit an overbought level, indicating that the dollar’s short-term rally lacks momentum and could face a pullback.
On the daily chart, the gold price is obviously in the trend of moving higher and higher, and we are concerned about whether we can form a firm support, which is still above the level of the main moving average. MACD green kinetic column initially appeared, KDJ random index down close to 50, suggesting that gold short momentum increased, or further lower.
On the four-hour chart, gold is still in the midst of a decline that began at $1,765, with the focus on whether the previous low of $1,717 can be held, with key support below its 100-day moving average of $1,716. MACD green momentum held steady, while KDJ stochastic hovered near the 50 level, indicating that gold bears remain bullish and are on alert for further declines.
Fundamental positive factors:
- Worldometers world real-time statistics show that, as of 09:18 on May 25, Beijing time, the global total number of confirmed covid-19 cases exceeded 5.19 million, reaching 5,497,650, and the total number of deaths exceeded 334,000, reaching 346,675.
- According to the latest data released by the ministry of health of Brazil on February 24 local time, there were 15,813 new confirmed covid-19 cases in Brazil in a single day, with a total of 363,211 confirmed cases. There were 653 new deaths, bringing the total number of deaths to 22,666. Brazil currently has the second highest number of confirmed covid-19 cases in the world, after the United States.
- Robert O ‘brien, us national security adviser, said on Sunday that China’s proposed security legislation for Hong Kong could trigger us sanctions and threaten the city’s status as a financial centre.
- The United States has announced its intention to withdraw from the open skies treaty, which allows 35 countries, including Russia, to conduct unarmed surveillance flights over each other’s territory to ensure they are not prepared to take military action. The trump administration has previously said that Russia has repeatedly violated the terms of the agreement.
Fundamental negative factors:
1, May 25, local time, the British prime minister Boris Johnson: today confirmed that the United Kingdom can enter the second phase of relaxation; Some schools will open on June 1st as planned; We’re fighting viruses; A vaccine-related press conference will be held in June, and recent signs of confidence that a vaccine will be ready this year have increased.
- The lancet, an international academic journal, published the results of the world’s first phase I clinical trial of recombinant adenovirus type 5 vector covid-19 vaccine online. The corresponding author of the paper was Chen wei, an academician of the Chinese academy of engineering. The study showed that the covid-19 vaccine, carried by adenovirus Ad5, showed both immunogenicity and human tolerance at 28 days after inoculation, the paper said.
- President trump says the federal reserve and Treasury departments still have “ammunition” in their arsenals to help an economy battered by a novel coronavirus pandemic, though he doubts new measures are necessary. In addition, he said, “we will not close our country” if the United States suffers a second wave of coronavirus infections.
- The growth of covid-19 in the United States has slowed down slightly recently, and many states in the United States have lifted epidemic prevention restrictions to varying degrees and restarted their economies. By May 20, local time, all states had entered the restart phase.