Spot silver traded in a tight range above the $17 level on Monday, as it tried to stabilize from Thursday’s sharp sell-off.
Worldometers world real-time statistics show that as of 11:06 Beijing time on May 25, the global total number of confirmed covid-19 cases exceeded 5.19 million, reaching 5,498,673, and the total number of deaths exceeded 334,000, reaching 346,689.
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.
Amid the severity of the outbreak, a top White House economic adviser on Sunday again predicted that the unemployment rate could rise sharply in May and June due to the novel coronavirus crisis, and could remain in double digits in November.
White House economic adviser Kevin Hassett told CNN’s “State of the Union” on Sunday that the unemployment rate, which has reached depression-era levels, could exceed 20 percent in May.
“My expectation is that the unemployment rate in June will be higher than it was in May because there were still initial claims in May, but after that it should start to fall,” Hassett said.
Asked if it is possible to have double-digit unemployment when the U.S. presidential election is held in November, he replied: “yes, I think so. But I think all the signs of economic recovery will be seen around the world.”
He added: “of course, the us may still not return to full employment by September or October. If there were a vaccine in July, I would be more optimistic.”
The poor unemployment rate could have a negative impact on Mr. Trump’s re-election prospects, as he has turned the strong jobs Numbers that have been in place for most of his presidency into a key topic in the campaign and in interviews.
In an interview with CNN, Hassett said he thinks the unemployment rate, which hit 14.7 percent in April, could rise to 22-23 percent by may, rise slightly in June and then fall.
“It will be higher in June,” he said on Friday. “it will be a turning point.”
Hassett’s projections also come as states begin to reopen, paving the way for some of the economic pressures of the pandemic to begin to ease. But the adviser said on Sunday that unemployment, which has reached historic levels, “will slowly return to normal.”
Hassett said last week he believes many unemployed and furloughed workers may be returning to the labor market faster than he had expected. He praised politicians and the fed for their quick response.
“It was the biggest negative shock ever, but we also had the biggest policy response ever,” he said.
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, silver is now trading in a narrow range above the 200-day moving average, and is now barely above the $17 level. We are watching to see if we can close above this level. The MACD red kinetic energy column is gradually weakening, and the KDJ stochastic index is turning inward and downward at the overbought level, suggesting silver bulls are weakening or retreating further.
On the four-hour chart, silver is still in a downward trend that began at $17.63 and dipped as low as $16.69 last week to see if short-term support can develop at that level. The MACD green momentum continued to weaken and the KDJ random rose above the 50 level, suggesting silver may continue to stabilize.
Fundamental positive factors:
- Worldometers world real-time statistics show that, as of 11:06 Beijing time on May 25, the global total number of confirmed covid-19 cases exceeded 5.19 million, reaching 5,498,673, and the total number of deaths exceeded 334,000, reaching 346,689.
- 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.