On Tuesday (June 2) Asian session, international spot gold fluctuated, accelerating earlier to $1,736.27 an ounce, but has since rebounded from that low and is currently trading at $1,739 an ounce for the day.
Overall, gold and gold prices to maintain the rebound momentum, has been three consecutive trading session with the positive end. China and the United States have become a major concern for investors as the global outbreak has not been fully contained. At a time of escalating unrest in the United States over the violent death of an African-American law enforcement officer and heightened risk aversion, it is no surprise that gold has gained support.
As the incident continues to unfold, protests have broken out in at least 140 cities so far, some of which have turned violent, and the number of states that have activated the national guard has risen to at least 21.
A lawyer for Floyd’s family said an independent autopsy found that Floyd died of “asphyxiation due to pressure on the neck and back and a lack of blood flow to the brain,” according to us local media.
On June 1, local time, US President Donald trump said in a speech at the White House that states are strongly advised to mobilize the national guard to stop the rebellion, or they will invoke the insurgency act and use the military to intervene.
Three U.S. defense officials said earlier that the United States is deploying between 200 and 250 active-duty troops to Washington, d.c., and they could arrive as early as the evening of June 1, local time. CNN also photographed military vehicles near the White House.
Mr Trump told Mr Freud’s family that his life would not have been lost in vain and that the legal process would continue. He also accused the demonstrations of the past few days of being manipulated by far-left groups into riots, and described the attacks on the police as “ACTS of domestic terrorism”. He also criticised democratic local officials for failing to act forcefully to prevent them.
The Empire State Building in New York City turned off its lights on June 1 to commemorate sigmund Freud’s “tragic murder” and “injustice in all its forms,” according to a new report.
The Empire State Building has just announced on its official twitter account that its lights will be turned off on the night of June 1, local time, to commemorate the “tragic murder” of George Floyd and all forms of injustice and all its victims.
Meanwhile, former us vice President Joe biden reportedly said trump was using us troops against us citizens.
The next step is to keep an eye on the domestic situation in the United States. If the “turmoil” continues to escalate, it will cause market panic. At the same time, it could affect the presidential election in November, when uncertainty rises further and assets such as precious metals could become investors’ best haven.
On the daily chart, the U.S. dollar index continued to decline, MACD green momentum column extended, KDJ random index further pressure lower, indicating the dollar to maintain short momentum, next expected to extend the decline.
On the four-hour chart, the U.S. dollar index also maintained a large shock decline, MACD green momentum column held steady, KDJ random index continued to decline, indicating that the dollar will further shock short – term decline.
On the daily chart, the gold price fell to the recent low and rebounded further, the MACD green kinetic energy column narrowed, KDJ random index continued to significantly higher, indicating that gold rebound momentum to strengthen, the next expected to continue to maintain the rise.
4 hour chart, the gold price also maintain shock upward trend, MACD red kinetic energy column slightly narrowed, KDJ random index slightly under pressure, indicating that gold short term may be a small shock down.
Fundamental positive factors:
Worldometers world real-time statistics show that as of June 2, Beijing time, the global total number of confirmed covid-19 cases has exceeded 6.36 million, and the total number of deaths has exceeded 370,000. The us has the largest number of confirmed covid-19 cases in the world, with more than 1.85 million cases and more than 100,000 deaths.
China has asked state-owned enterprises to stop buying soybeans and pork from the us after US President Donald trump said he would scrap special treatment for Hong Kong in response to China’s national security law in the territory, CNBC reported, citing two people familiar with the matter. Heavy government purchases of U.S. corn and cotton have also been halted, one of the sources said.
US President Donald trump has threatened to deploy troops if states and cities fail to quell demonstrations. Lawyers for George Floyd’s family called Monday for first-degree murder charges against Minneapolis police officer Derek Chauvin. An independent autopsy found that Freud died of “asphyxiating death due to pressure on the neck and back, resulting in a loss of blood flow to the brain and asphyxiation,” lawyers said.
US President Donald trump said on Friday that Hong Kong no longer has enough autonomy to enjoy the special treatment granted by the us and that his administration will begin the process of removing the policy exemptions that grant special treatment to Hong Kong. Mr. Trump also announced several other measures aimed at Hong Kong and China. Mr. Trump said the United States would take measures against Hong Kong officials involved in undermining the territory’s autonomy. Meanwhile, Mr Trump said on Friday that he would end the us’s relationship with the world health organisation.
Fundamental negative factors:
Manufacturing in the euro zone appears to have passed its nadir, according to a survey released on Monday. The manufacturing purchasing managers’ index for the euro zone fell to its lowest level in nearly 22 years in April, but rebounded last month. The index rose to 39.4 from 33.4 in April.
U.S. manufacturing activity pulled off an 11-year low in May, the institute for supply management said on Monday. The data boosted investor sentiment.
On Friday, U.S. stocks rose after President trump announced a response to new security legislation against China, but didn’t mention any economic sanctions or trade actions that pose less of a threat to the U.S. economy than investors feared.
The number of Americans continuing to claim state unemployment benefits fell to 21.052 million in the week ended May 16 from 2.053 million, labor department data showed on Friday. The number of people renewing unemployment benefits fell by 4 million, the first drop since the coronavirus outbreak began.