After five straight days of gains, silver’s rally apparently ran out of steam on Thursday and is now under pressure, hitting a session low near $14.13.
Silver continued its rally on the previous day, rising more than 1 percent on the day, sharply narrowing gains to a halt at the key 20-day moving average.
The situation in the United States is getting worse. According to the real-time statistics from Johns Hopkins university, as of 7 am on the 26th, there were 65,285 confirmed cases, 926 deaths and 361 cured cases of covid-19 in the us. More than 12,017 new cases were confirmed in the United States, the third consecutive day of more than 10, 000 new cases and 230 new deaths.
To ease the economic impact of the novel coronavirus outbreak, the U.S. government is also considering an economic stimulus package to stabilize the economic and social development hit by the outbreak.
The latest news is that the us senate on Tuesday voted to pass a $2 trillion fiscal stimulus plan to tackle COVID 19.
In response to the outbreak, the us senate voted overnight to approve a $2 trillion third emergency economic rescue plan, which will be the largest in us history. The bill goes to the house for a vote next.
The us senate passed a $2 trillion novel coronavirus economic stimulus bill, CNBC reported Thursday. It will then be sent to the house for a voice vote. The 88-page bill includes direct payments to individuals, stronger unemployment insurance, loans and subsidies to businesses, and more resources for hospitals, states and municipalities.
At a White House press conference on March 25, U.S. President Donald trump called on the house of representatives to pass an economic stimulus bill worth about $2 trillion as soon as possible. “I encourage the house to pass this vital legislation without delay and send it to my desk for my signature. I’ll sign it immediately.”
Notably, fed chairman colin Powell will give a rare television interview on Thursday. The federal reserve is deploying an unprecedented array of tools to prevent the current health crisis from turning into a financial crisis.
Powell will be interviewed at 07:05 New York time (19:05 GMT) on “NBC Today,” one of the nation’s major morning television shows, according to a note from the federal reserve. The televised interview will be the fed chairman’s first public remarks since his unusual Sunday news conference, held by conference call on March 15.
In addition, the G20 summit will be a blockbuster tonight. The G20 leaders should hold a special summit on covid-19 on the evening of 26th. The summit, hosted by Saudi Arabia, this year’s chair of the G20, will be the first in the group’s history to be held by video and will be attended by Chinese President xi jinping.
Vice foreign minister luo zhaohui said that today the world’s attention will be on the G20 leaders’ special summit. The G20 is an important platform for global crisis response and economic cooperation. It played an important role in responding to the 2008 international financial crisis. In the current context, the international community, of course, expects the G20 to play a leading role again, especially since all G20 members are victims of this outbreak. This special summit is also the first video summit in the history of the G20. It is an important opportunity for all parties to discuss and take joint actions.
On the daily chart, the dollar index has continued to come under pressure after two days of heavy losses, trading below the 101 level and without strong support before the 99 level. On the technical side, the MACD red kinetic energy column continued to weaken, the RSI index held steady above 50, and the KDJ random index dropped from the overbought level, suggesting further declines.
On the 4-hour chart, the dollar index is in a volatile downward trend from the 103 level. It has now broken through the 20 moving average and is testing the 50 moving average of 100.80 to see if it can hold this moving average. In technical terms, MACD green kinetic energy column steady, RSI index trading below the 50 level, KDJ random index hit the oversold level down, alert to the possibility of correction rebound.
On the daily chart, after five straight days of gains, silver’s rally has begun to slow and is now slightly under pressure, still trading above the $14 level, but with a bearish stance on the main moving average. In technical terms, MACD red kinetic energy column gradually weakened, RSI index trading near the 50 level, KDJ random index trying to rise above the 50 level, focus on the possibility of short-term consolidation.
On the 4-hour chart, silver’s rally from $11.61 has slowed, with the price now in the range of $14.94 per 100 ema and $13.50 per 60 ema. From the technical perspective, the MACD red kinetic energy column is close to disappearing, and the KDJ random index is downward from the overbought level, short term or further down.
fundamental Positive factors :
- According to the real-time statistics released by Johns Hopkins University in the United States, as of 7 o ‘clock on March 26, Beijing time, a total of 65,285 confirmed COVID 19 cases and 926 deaths were reported in the United States, with the number of new cases exceeding 10,000 for the third consecutive day.
- The U.S. Senate is scheduled to vote on the economic rescue plan on Wednesday, but as the vote neared, several republican senators called for changes to some provisions of the bill, saying the provisions on unemployment benefits are too “generous” and encourage job losses.
- The cumulative number of deaths in the UK has risen to more than 400 and the cumulative number of confirmed cases to more than 8,000, putting further pressure on the country’s healthcare system, which is ill-equipped to help patients, and on the UK economy.
- The European Union’s disease control agency said on Wednesday that the novel coronavirus was unlikely to disappear during the summer. The agency issued a stern warning that the outbreak could continue as temperatures rise if measures are not taken to stop its spread.
- The governor of New York said on Wednesday that there were early signs that restrictions were slowing the spread of the coronavirus in his state.
- U.S. President Donald Trump and vice president mike pence held a conference call with Wall Street leaders to discuss the economic impact of COVID 19. Mr. Trump said he accepted he could not restart the economy immediately but did not want to shut it down for six months, prompting an outburst of risk sentiment.
- Three of the world’s largest gold refineries, Valcambi, argor-heraeus and PAMP, said they had suspended production for at least a week as Switzerland forced the closure of the country’s non-essential industries to prevent the spread of COVID 19. The three refineries are thought to process about 1,500 tonnes of gold a year, about a third of the world’s annual supply.
- Wall Street rallied on signs that Congress is close to reaching an agreement on a $2 trillion economic rescue plan.