Spot silver was trading at $15.173 an ounce on Thursday. Silver extended its decline to a low of $14.944 an ounce, then staged a strong rally from that point to an intraday high of $15.246 an ounce, maintaining a volatile rally.
Earlier, a tweet from US President Donald Trump caused waves in the markets. On Wednesday, Mr. Trump tweeted that the us navy would shoot down and destroy Iranian gunboats if they harassed us ships at sea. As a result, oil caught in the historic crash wave appears to see a glimmer of light, the United States WTI crude up 40 percent, Brent crude also strong gains. U.S. stocks rose for the first time in three sessions as the oil market stabilized.
Mr. Trump warned on Wednesday that the United States would destroy Iranian gunboats that harass American ships at sea.
A few days earlier, the us defence department said Iranian naval vessels of the islamic revolutionary guard corps had carried out “dangerous and provocative” actions in the Persian gulf close to us navy and coast guard vessels.
“I have directed the U.S. navy to shoot down and destroy all Iranian gunboats if they harass our ships at sea,” trump tweeted.
If U.S. -iran tensions escalate in the coming days, risk aversion will rise further and precious metals could see a bigger burst.
On the daily chart, the dollar index continued the recent rebound trend, MACD red kinetic energy column looming, KDJ random index further higher, indicating the dollar upward momentum to strengthen, the next expected further extension of the rebound.
On the 4 hour chart, the dollar index held the shock uptrend, MACD red kinetic energy column unchanged, but the KDJ random index turned slightly lower, indicating that the dollar may be caught in a short – range consolidation.
On the daily chart, silver continued to maintain a moderate pullback potential, the MACD red kinetic energy column unchanged, the KDJ random index moderate pressure, indicating that silver pullback kinetic energy is still in place, may continue to continue the weak trend.
On the 4 hour chart, the silver price showed a rebound trend, the MACD red kinetic energy column expanded, KDJ random index moderately higher, indicating that silver short-term rebound kinetic energy to restart, continue to carry forward the upward trend.
- According to the real-time statistics released by Johns Hopkins University in the United States, the total number of confirmed COVID 19 cases in the United States exceeded 840,000, and the total number of deaths was 47,231. The global total of confirmed cases is nearly 2.63 million.
- US President Donald Trump tweeted: “I have directed the us navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea.” A few days earlier, the U.S. defense department said that more than a dozen Iranian Islamic revolutionary guard corps navy ships had carried out “dangerous and provocative” actions in the Persian Gulf near the U.S. navy and coast guard ships.
- The world health organization (who) has received reports of nearly 2.5 million COVID-19 cases, and the trend of the disease varies from region to region, who director-general tan tak sai said Wednesday. In most western European countries, the epidemic has been stable or on the decline. Although there are few confirmed cases in Africa, central and South America, and eastern Europe, the epidemic is on the rise. Most countries are still in the early stage of COVID 19 epidemic. “Covid-19 is going to be with us for a long time, and there is still a long way to go,” tan said. “many countries have been successful in containing the virus.
- The United Nations world food programme has warned that famine on a “biblical scale” is becoming a serious risk as the coronavirus crisis threatens to double the number of people close to starvation. It expects the number of people facing “severe food insecurity” to rise from 135m in 2019 to 265m by the end of the year.
Fundamental negative factors:
- The first novel coronavirus vaccine was approved to enter clinical trials by the German federal institute of vaccines and biological pharmacology Wednesday. In the first phase of the trial, 200 healthy volunteers between the ages of 18 and 55 will be given a slightly modified version of the vaccine, the institute said in a statement on the same day. The second phase will vaccinate other volunteers in the same age group, including vulnerable people.
- President Trump said on Tuesday that the hospital ship Comfort, deployed in New York, would leave the city “in preparation for the next mission.” The comfort is being used to provide emergency assistance to health workers fighting the coronavirus. “There is light at the end of the tunnel,” Trump said of the COVID 19 outbreak. Last week, Mr. Trump said that none of the patients on board showed that New York City was recovering. “It’s a good thing they don’t need it. This is a good thing. I think it shows that New York is making progress.”
- Democrats and Republicans disagreed Monday over who should be held responsible for the delay, as they worked out the details of a bailout that could exceed $450 billion.
- US President Donald Trump says the drop in oil prices is very short-lived. Now is a good time to buy crude, and hopefully, Congress will support it. Up to 75m barrels of oil are being studied for inclusion in the strategic petroleum reserve.