After three straight days of losses, spot silver was trying to gain a foothold in Asian trading on Tuesday, with prices hovering around $14.80, with concerns over trade with the United States.
Silver prices closed lower for the third day in a row, briefly touching above the $15 mark, but quickly turned lower to close more than 1 per cent lower.
According to statistics from real-time data update website worldometers, as of 11:43 Beijing time on May 5, there were more than 3.64 million confirmed covid-19 cases worldwide, with a total of 3,646,104 confirmed cases and more than 250,000 deaths, totaling 252,407.
Among them, the total number of confirmed COVID 19 cases in the United States exceeded 1.21 million, with 1,212,835 cases, and the total number of deaths exceeded 69,000, with 69,921 cases.
Now, the market is worried that last year’s sino-american conflict will be replayed, this time by a novel coronavirus. U.S. President Donald trump and secretary of state Mike Pompeo again blamed China for the new outbreak, adding to market concerns.
The world health organization on Monday said secretary of state mike pompeo’s comment that there was “evidence” that the novel coronavirus came from a Chinese laboratory was “speculation” and called for a science-based investigation.
Pompeo echoed trump on Wednesday, insisting that “there is a lot of evidence that [the virus] came from the wuhan lab.” But when asked about the us intelligence community’s conclusion that the virus was not man-made or genetically engineered, he said “yes”, evading the question of its origin and refusing to provide evidence.
“We have not received any specific data from the U.S. government on the source of the virus,” Dr. Mike Ryan, who’s head of emergency planning, told an online news conference in Geneva. So from our perspective, this [pompeo’s speech] is still speculation.”
On 21 April, 23 May and 1 May, who stated in a series of statements that all known evidence indicated that novel coronavirus came from nature and was not manipulated or synthesized.
According to a new report, the world health organization’s envoy warned that while many researchers around the world are racing to develop the novel coronavirus vaccine, a vaccine may not be available.
Dr. David Nabarro, professor of global health at Imperial College London, raised the possibility in an interview with CNN.
“There is still a lack of vaccine for the virus,” Nabarro told the media. “We cannot make an absolute assumption about whether a vaccine will emerge or, if it does, whether it will pass all the efficacy and safety tests.”
In this case, according to the report, treatments could be developed, but the world could still see annual coronavirus outbreaks (resulting in deaths) and blockades would need to be regularly strengthened and relaxed.
On the daily chart, the dollar index on the day strong rebound, break through the key 50 day average resistance, trading is currently around 99.45, technical point of view, MACD green kinetic energy column weakened, RSI index hovering around 50, KDJ random index close to oversold level, there is room to rebound.
On the 4-hour chart, the dollar index is still in the strong rising trend since 98.77, the upper 100 period average pressure, focus on whether can stand 20 period average 99.28 level. The MACD red kinetic energy column starts to weaken, and the KDJ random indicator hits an overbought level, short term or a correction.
On the daily chart, silver is trying to stabilize after a three-day losing streak, trading below the 20-day moving average and below the main closing average. MACD green kinetic energy column initially appeared, KDJ random index below the 50 level, short term or continue to decline.
On the 4-hour chart, silver is still in a volatile range, trading between the 200 and 20 moving averages. MACD green kinetic energy column weakened, KDJ random index fell below 50 level, short – term still have downward space.
fundamentals Positive factors :
- According to statistics from real-time information and data update website worldometers, as of 11:43 Beijing time on May 5, there were more than 3.64 million confirmed cases of covid-19 worldwide, with a total of 3,646,104 confirmed cases and more than 250,000 deaths, totaling 252,407.
- According to an internal document obtained by the New York times, as of June 1, the daily death toll will reach about 3,000, nearly double the current figure of about 1,750. By the end of the month, about 200,000 new cases will be confirmed every day, up from about 25,000 now. In addition, an influential coronavirus model, often cited by the White House, now predicts that novel coronavirus will kill 134,000 people in the United States, nearly double previous estimates.
- In an interview with the Wall Street journal, st. Louis federal reserve bank President James bullard said he is concerned about the potential for a recession if the shutdown lasts too long and the problems of restarting the economy are not handled well.
- US President Donald trump said on Friday that he was considering retaliatory measures against China for its response to the novel coronavirus outbreak and that raising import tariffs on China was “certainly an option”.
Fundamental negative factors:
- The U.S. Treasury said on Monday it plans to sell nearly $3 trillion in debt in the second quarter of 2020, the highest quarterly issuance on record.
- The chairman of the ways and means committee is calling for a 90-day moratorium on all products related to the novel coronavirus health crisis.
- The Korean central news agency said Saturday that Kim jong UN, chairman of the workers’ party and the state council of the Democratic People’s Republic of Korea (DPRK), attended the completion ceremony of a fertilizer plant north of the capital, Pyongyang, in the first report of his public activities since April 11.
- British ministers will begin talks on a trade deal with the United States in the coming week, the Sun reported Friday, as the government ordered formal talks to begin despite a novel coronavirus outbreak.