On Thursday (May 21) Asian market, spot silver continued to decline, now extended to around 2 percent, as low as $17.07, to see if it can hold its ground at 17.
Silver rose for a sixth straight day to a three-month high near $17.63, above its main moving average and supported by hopes of a global economic shock.
Worldometers world real-time statistics show that as of 10:53 Beijing time on May 21, the global total number of confirmed covid-19 cases exceeded 5.08 million, reaching 5,085,504, and the total number of deaths exceeded 329,000, reaching 329,731.
Among them, the United States has the highest number of confirmed covid-19 cases in the world, with more than 1.59 million cases, or 1,591,991 cases, and more than 94,000 deaths, or 94,994 cases.
The growth of covid-19 in the us has slowed slightly recently, and many states across the us have lifted epidemic restrictions to varying degrees and restarted their economies. By May 20, local time, all states had entered the restart phase.
The move comes as US President Donald trump decided on Wednesday to scrap plans for a video summit as a sign of “normalcy”, according to media reports. The G7 summit is scheduled to take place on June 10, 2011.
The leaders of the group of seven leading industrial nations, which the us holds this year’s rotating presidency, were due to meet for a summit at the presidential resort of camp David in June. However, in order to prevent the spread of covid-19, US President Donald trump earlier cancelled the offline G7 summit and replaced it with a video conference. The leaders’ discussions in April and may were also shifted to conference calls.
“Now that we are ‘restoring greatness’ as a nation, I am considering rescheduling the G7 summit on the same day or something similar, in Washington, d.c., at the legendary camp David,” Mr Trump wrote on Twitter on Wednesday. Other member states are also beginning their ‘recovery’. It would be a great sign for everyone – a return to normalcy.
Mr. Trump has been pushing for a quick return to normal life, despite concerns from public health experts. This year Mr Trump will host the G7.
Trump’s announcement followed a conference call Tuesday by finance ministers from the G7, led by Treasury secretary Steven Mnuchin, to discuss steps to restart economies in advanced economies after a novel coronavirus pandemic caused economic stagnation.
The g7 includes the United States, Britain, Canada, France, Germany, Italy and Japan. The summit is scheduled for June 10, solstice, 12.
French President Emmanuel macron is open to flying to the United States for the G7 meeting if the covid-19 situation allows, a French government official said on Wednesday.
“He is open and even willing to go there, but obviously on the condition that only if the public health situation permits,” the official said. Mr Trump and Mr Macron had already spoken by phone.
Japan’s chief cabinet secretary yoshihide suga said the format of the G7 meeting and whether prime minister shinzo Abe would attend were still being considered.
On the daily chart, the dollar index is now trading around 99.35, as it tries to stabilize after three days of losses, and is focused on holding the 99 level. On a technical level, the MACD green kinetic energy column expanded slightly, while the KDJ random fell below the 50 level, suggesting bearish dollar momentum is still building, before extending its decline.
As you can see on the 4-hour chart, the dollar index continued to oscillate lower as it attempted to rebound from its low of 99.00, below its main moving average. MACD green kinetic energy column continues to shrink, KDJ random index turned higher, indicating the dollar may rebound in the short term.
On the daily chart, silver started to retreat from its highs after rising for six days in a row, falling as much as 2 percent on the day to approach the $17 level, with the 200 daily moving average providing support. The MACD red kinetic energy column is starting to weaken, and the KDJ stochastic has hit overbought levels, suggesting silver is running out of steam for a further pullback.
On the four-hour chart, silver continued to fall after hitting a fresh 3-month high, with no significant support below and focus on holding the $17 mark. The MACD green kinetic energy column has expanded sharply and the KDJ stochastic has fallen sharply from overbought levels, indicating that silver is likely to be heavily sold in the short term.
Fundamental positive factors:
- Worldometers world real-time statistics show that, as of 10:53 Beijing time on May 21, the global total number of confirmed covid-19 cases exceeded 5.08 million, reaching 5,085,504, and the total number of deaths exceeded 329,000, reaching 329,731.
- The fed minutes reaffirmed their commitment to using all policy tools to support the economy. “Participants commented that, in addition to the significant short-term impact on economic activity, the economic impact of the pandemic created considerable uncertainty and posed considerable risks to economic activity in the medium term,” the minutes added.
- The United States has issued new sanctions against Iran, seeking ways to prevent Iran from selling oil to venezuela.
- U.S. President Donald trump on Tuesday announced rules for a $19 billion U.S. farm aid program that will allow farmers to begin filing applications next week. The usda has announced that farmers who suffer a price loss of 5 percent or more can receive direct payments of up to $250,000 each.
Fundamental negative factors:
- 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.
- As of Wednesday, every state in the United States will begin unwinding measures put in place weeks ago to contain the spread of the coronavirus — even as the daily rate of new cases continues to rise in some parts of the country. The last state to lift some restrictions is Connecticut, which will allow outdoor dining venues, offices, retail stores and malls, museums and zoos to reopen with restrictions on Wednesday.
- Us biotech company Moderna says that the vaccine mrna-1273 for covid-19 is safe and well tolerated; The final phase of vaccine trials is expected to begin in July. Dynavax, an American biopharmaceutical company, followed with good news. A novel coronavirus vaccine trial could take place as early as July, the company said.
- The announcement that European countries would lift travel restrictions in the schengen area and agree to set up a 500 billion euro recovery fund strengthened market expectations for the lifting of restrictions on developed economies.