Silver was trading at $15.194 an ounce in Asia on Monday (April 13), while gold continued its volatile decline during the day.
As the outbreak continues to spread in the United States, COVID 19 deaths continue to rise daily in New York, with more than 700 new deaths reported on Sunday. However, New York governor Andrew Cuomo said the trend suggested the outbreak was nearing its peak and it was time to plan for a return to production.
The cumulative number of deaths in the state has reached 9,385, and the cumulative number of confirmed cases has increased by 8,236 to 188,694, roughly a tenth of the global total, according to the New York state department of health.
‘a positive trend is becoming increasingly stable,’ Mr. Cuomo said at a news conference in Albany. ‘overnight, there were only 53 new hospitalizations,’ he said.
Cuomo, the governor of one of the hardest hit states in the country, has now turned his attention to how best to reopen communities, saying the key is to coordinate efforts from schools, government and businesses.
However, the economic impact of the outbreak is already in the CARDS, and Minneapolis federal reserve bank President jan kashkari said the U.S. economy could face an 18-month cycle of shutdown if it does not develop a specific drug or vaccine against novel coronavirus.
‘looking around the world, when they loosen their grip on economic activity, the epidemic will come back,’ Mr. Kashkari said on Sunday. There’s going to be wave after wave of outbreaks, control, outbreak, control, before a really effective drug or vaccine is developed; That everyone should focus on an 18-month healthcare system and economic strategy;
“It could be a long and difficult road until we find a magic bullet or a vaccine,” kashkari warned. Under these circumstances, I expect it will be difficult to see a v-shaped recovery.”
On the daily chart, the dollar index maintained its recent rally, the MACD green momentum column held steady, the KDJ random index slightly higher, indicating the dollar upward momentum held steady, the next expected to continue to hold steady.
On the 4-hour chart, the dollar index showed a fairly narrow range of consolidation trading, MACD green kinetic energy column unchanged, KDJ random index moderate-high, indicating the dollar short-term momentum mixed, then or continue to maintain a narrow trading pattern.
On the daily chart, silver maintained its recent rally, the MACD red kinetic energy column held steady, and the KDJ random indicator leveled off, indicating that silver may continue to hold on to the upward trend, but the kinetic energy is somewhat insufficient.
On the 4-hour chart, silver prices remain under pressure in a narrow range, MACD green momentum column unchanged, the KDJ random index turned sharply lower, indicating that silver downward momentum is still in place, short term may still accelerate the decline.
fundamentals Positive factors :
- According to statistics from real-time information and data update website world meters, as of 07:45 Beijing time on April 13, there were more than 1.85 million confirmed cases and more than 110,000 deaths worldwide, including more than 560,000 confirmed cases and more than 22,000 deaths in the United States.
- Parts of the United States may be ready by may to ease their defenses, said Dr. Joseph Fauci, director of the national institute of allergy and infectious diseases.
- The Moscow Times reported 2,186 new cases of coronavirus infection in Russia on Sunday, bringing the country’s official number of cases to 15,770, a record for a single day.
- The labor department reported 6.66 million new claims for state unemployment benefits in the week ended April 4, compared with expectations of 5 million, up from 6.648 million.
Fundamental negative factors:
- OPEC and its allies agreed to cut oil output by 9.7 million barrels per day (BPD) in the biggest ever cut, which was finalized Sunday local time.
- Anthony Fauci, President of the national institute of allergy and infectious diseases, told fox news on Wednesday that the number of coronavirus-related deaths in the United States is now lower than initially estimated, and noted that the situation should improve after this week. However, he added that efforts to deal with the virus should be strengthened.
- US President Donald Trump said on Tuesday that it is time to seriously consider restarting economic activity. We will restart the economy much sooner rather than later. It is happy to restart the economy now, but some places have been hit hard by the outbreak.