Market event of the day: Fed minutes with “small farm” hit! Gold long-brewing bigger outbreak! Watch out for new information on the china-us situation!

In Asia on Wednesday, the DOLLAR index was little changed, while spot gold remained firm, with gold still trading above $1,780 an ounce. For the day, investors will be watching the Minutes of the Fed’s June meeting, and gold could rise further if they are dovish. Also on Wednesday night Beijing time, investors will welcome the so-called “small non-farm” U.S. ADP employment data, which is also expected to trigger market activity. In addition to the Fed minutes and ADP employment data, investors will also continue to focus on the development of the epidemic and the geopolitical situation, including china-U.S. relations, with any sudden news likely to lead to market volatility.

Gold prices soared to their highest level in nearly eight years on Tuesday as mounting concerns about a rediscovery of the novel Coronavirus case sustained safe-haven demand. Spot gold closed above $1,780 an ounce on Tuesday after rising as high as $1,785.60, its highest level since October 2012.

Tai Wong, head of basic and precious metals derivatives trading at BMO, said commodity trading advisers were encouraged by gold’s rise to a high of $1,780 an ounce, setting the stage for a near-term push to $1,800.

Jim Wyckoff, a senior analyst at Kitco Metals, said “bullish fundamentals remain in the gold market, including COVID-19, which is still driving safe-haven demand, and record central bank stimulus” that could spark inflation in the future.

Gold is now rebounding away from $1,765.00 an ounce, the leading financial website wrote on Wednesday, reinforcing expectations that the price will remain bullish for the day and in the short term. notes that the road for gold to hit bullish targets has opened, with the first target at $1,800.00 an ounce. If it breaks that level, gold is expected to extend its rally to $1,840.00 an ounce. cautioned that maintaining gold prices above $1,755.00 and $1,735.00 an ounce was important for continued bullish expectations.

As the COVID-19 pandemic continues to spread and concerns about the economy, gold should maintain its recent upward momentum, according to Kitco News’ Golden Weekly survey released on Friday.

Of the 18 Wall Street professionals who responded to last week’s poll, 12, or 67 per cent, expected gold to rise. Four (22%) expect gold prices to fall. The other two (11%) expect gold prices to consolidate or remain unchanged.

George Gero, managing director of Wealth Management at Royal Bank of Canada, said he continues to expect gold to break above $1,800 an ounce.

“I would expect gold to move higher this week,” said Charlie Nedoss, senior market strategist at LaSalle Futures Group in Chicago. He said the dollar appeared to be “peaking” and gold was forming a good technical support.

Edward Moya, senior market analyst at broker OANDA, said: “We could see gold above $1,800 an ounce. Gold fundamentals are fairly strong, coronavirus cases are rising, there is no vaccine and stimulus measures by major central Banks around the world are raising inflation concerns.”

Tensions between China and the United States also helped gold prices

In addition to concerns about coVID-19, the current tension between China and the United States has also put the market in a risk-off mood, which is positive for gold prices.

Afshin Nabavi, senior vice President at precious metals trader MKS SA, said the rise in US coronavirus cases and ongoing conflict between China and the US “both point to a safe-haven bid for gold”.

On Monday, the United States banned high-tech exports to Hong Kong. On Tuesday, the Chinese government signed the Hong Kong Security Law. Hong Kong has maintained a high degree of autonomy since it ceased to be a British colony in the late 1990s. U.S. officials have said the new law would reduce Hong Kong’s independence.

The 20th session of the Standing Committee of the 13th National People’s Congress (NPC) of China passed the National Security Law of the Port area with a unanimous vote on Tuesday morning, and President Xi Jinping signed the order, which will take effect from the date of promulgation.

The 27 countries, including France, Britain and Germany, issued a joint statement at the UN Human Rights Council after Hong Kong’s security law was passed, calling on Beijing to “rethink” the law, AFP reported. Of the 27 countries, most are members of the European Union, including France and Germany, as well as Australia, Canada, Japan, New Zealand and Switzerland.

British Prime Minister Boris Johnson said Tuesday that he would ‘read the security law very carefully to see if it conflicts with the Sino-British joint declaration, and then decide what to do next.’

In the United States, U.S. House of Representatives Speaker Nancy Pelosi has called for sanctions and other actions against China, saying all available tools, including visa restrictions and economic sanctions, must be considered in response to China’s passage of the Port zone security law.

The White House National Security Council said the move violated the Sino-British joint declaration and that Beijing now treats Hong Kong as “one country, one system”, as the US must. The United States will continue to take tough action against those who stifle freedom and autonomy in Hong Kong.

The U.S. Federal Communications Commission (FCC) on Tuesday designated Chinese telecommunications companies Huawei and ZTE as national security threats, barring U.S. companies from using $8.3 billion in government funds to buy their equipment.

Last year the agency voted unanimously to bar telecom manufacturers it deemed a threat from receiving funds aimed at expanding Internet access in underserved areas, including rural America. Tuesday’s announcement is the final step in blocking Huawei and ZTE from receiving the money.

The Trump administration has been pressing Chinese companies on security. U.S. officials are urging countries around the world not to use Huawei’s network gear in the next generation of wireless networks, known as 5G.

The US Department of Commerce said in a statement on its website on Monday (June 29) that it had lifted special treatment for Hong Kong, including the suspension of export license exemptions, and was conducting a discrimination assessment.

As the Chinese Communist Party has imposed new security measures on Hong Kong, the risk of sensitive US technology being transferred to the People’s Liberation Army or the Ministry of State security has increased, undermining the territory’s autonomy, the statement said. The US refused to accept these risks and, as a result, withdrew Hong Kong’s special status.

The US Department of Commerce has suspended its preferential treatment regulations for Hong Kong, including the suspension of export license exemptions, the statement said. Further action to eliminate discrimination is also being assessed.

Last month, U.S. President Donald Trump responded to China’s plans for a security law by saying he would start a process to remove Hong Kong’s special economic treatment.

The Hong Kong Related Act passed on October 15, 2019 requires the Secretary of State to submit an annual report to Congress to assess whether Hong Kong is sufficiently autonomous to determine whether it continues to enjoy special treatment under the Hong Kong Policy Act of 1992, as distinct from mainland China. On May 28, U.S. Secretary of State Mike Pompeo submitted a report to Congress that Hong Kong no longer has enough autonomy.

“I am directing the executive branch to begin the process of removing the policy exemptions that give Hong Kong differential and special treatment,” US President Donald Trump said at a White House press conference on May 29.

More than 2.72 million cases and 130,000 deaths have been confirmed in the United States

According to the latest statistics, the cumulative number of confirmed cases of COVID-19 globally has exceeded 10.58 million. More than 200,000 people have been diagnosed in 12 countries, including Brazil, Russia, India, the United Kingdom, Spain, Peru, Chile, Italy, Iran, Mexico and Pakistan. The cumulative number of confirmed cases in the United States now exceeds 2.72 million.

The global COVID-19 epidemic continues to grow, and the epidemic continues to spread rapidly in the Americas, South Asia, the Middle East and other regions. The number of new confirmed cases worldwide in a single day remains high, exceeding 150,000 in recent days.

World real-time statistics show that there have been more than 10.58 million confirmed cases of COVID-19 globally. The United States has the world’s highest number of confirmed cases of COVID-19, with more than 2.72 million cases and more than 130,000 deaths.

More than 40,000 new cases have been confirmed in the United States for five consecutive days. Statistics from the White House coVID-19 task Force show an increase in the spread of the virus, particularly in densely populated areas of southern states.

The Trump campaign has canceled plans to hold a rally in Alabama next weekend over fears of a backlash against coVID-19 in the US, CNN reported on Tuesday. On June 30, gov. Kay Ivey of Alabama announced that the state of Alabama has extended its “Safer Homes” executive order through July 31 in response to a rising number of positive virus tests from novel Coronavirus.

Asked on June 30 how many deaths and infections could occur in the United States before the epidemic is over, Fauci, a top infectious disease expert and director of the National Institute of Allergy and Infectious Diseases, said he could not predict exactly, but it would be “very disturbing.” Speaking at a Senate hearing, Fauci said he would “not be surprised” to see 100,000 new cases a day if current trends did not reverse.

Robert Redfield, the US Centers for Disease Control and Prevention (CDC), said at a Senate hearing on June 30 that the number of confirmed coVID-19 cases in the US is increasing daily and the use of face masks is imperative. He urged young people in particular to follow these guidelines.

Redfield said June 25 that only 10 percent of the novel Coronavirus population may have been diagnosed in the United States. According to Redfield’s estimate, more than 23 million people in the United States may actually be infected with COVID-19. Redfield estimates that between 5% and 8% of Americans may have been infected with a novel Coronavirus, suggesting that more than 90% of the U.S. population may be infected for the first time.

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