Sudden market! Gold quickly fell nearly $10 before rebounding! Back to 1720! Powell’s speech is coming! Don’t forget the big event: Trump will hold a press conference on china-us relations!

On Friday (May 29), the Asian market, the dollar index to maintain around 98.50, spot gold briefly fell nearly 10 dollars, then gold prices rebounded sharply, back above the 1,720 dollars/ounce mark; Gold rose nearly $10 on Thursday as escalating tensions between the U.S. and China fueled safe-haven buying. Investors will be paying close attention to US President Donald trump who said he would hold a press conference on us-china relations on Friday local time. In addition, federal reserve chairman colin Powell is scheduled to deliver a speech on Friday evening, Beijing time, which is expected to stir market volatility. In terms of the global epidemic, the total number of confirmed covid-19 cases worldwide has exceeded 5.9 million, and the total number of confirmed cases in the United States has exceeded 1.76 million.

Trump will hold a press conference on china-us relations

On the afternoon of May 28, the third session of the 13th National People’s Congress adopted by a large vote the decision of the National People’s Congress on establishing and improving the legal system and enforcement mechanism for the maintenance of national security in the Hong Kong special administrative region. Subsequently, the standing committee of the National People’s Congress will formulate the Hong Kong national security law and include it in annex iii of the basic law, which will be promulgated and implemented by the hksar. Tensions are rising between China and the United States.

The trump administration is reportedly seeking to punish China for introducing the Hong Kong national security law. US President Donald trump said on Thursday he would hold a press conference on us-china relations on Friday local time. Us stocks fell on the news, erasing strong gains made earlier on Thursday.

The dow Jones industrial average fell 147.63 points, or 0.6%, to 25,400.64, after rising as much as 210 points. Thursday was the dow’s first decline in three days. The s&p 500 fell 0.2 per cent to 3,029.73, giving up a 1.1 per cent gain. The nasdaq composite index fell 0.5% to 9368.99. The nasdaq and the standard & poor’s 500-stock index both halted a three-day winning streak.

Adam Crisafulli, of Vital Knowledge, said in a report: “if the response to the Hong Kong issue involves broad sanctions on individuals or entities, it will be a much bigger problem than [the market] can easily ignore. Equity valuations are generally too high to go wrong, and investors are not paying enough attention to the escalating us-china tensions.”

Safe-haven gold has benefited from rising tensions between China and the United States, while weak U.S. economic data hit the dollar, which also helped gold prices. The dollar index ended Thursday down 0.47% at 98.49, after hitting an intraday low of 98.35.

Spot gold rose as high as $1,727.10 an ounce in four days, up $9.12, or 0.53 percent, to $1,718.00 an ounce.

Gold prices fluctuated sharply in Asian trading on Friday, dropping nearly $10 from the day’s high near $1,722 an ounce to as low as $1,712.52 before rebounding sharply to trade above $1,720 an ounce.

Data released on Thursday showed real GDP in the first quarter falling at an annualized rate of 5%, compared with market expectations and the initial estimate of a 4.80% drop. Initial claims for state unemployment benefits rose to 2.123 million in the week ended May 23, slightly above expectations of 2.1 million.

David Meger, head of metals trading at High Ridge Futures, said: “we are seeing increasing tensions between China and the us… “We are seeing that there is still a bubble in the market and this series of negative economic data is clearly supporting the gold market.”

Jeff Wright, executive vice President of GoldMining Inc., previously predicted gold would ‘rebound’ as tensions between the U.S. and China rise.

“Investors could see history repeating itself as china-centred political tensions reignite fears of another trade war,” said strategists at ING.

Charlie Nedoss, senior market strategist at LaSalle Futures Group in Chicago, said gold prices could rise as soon as panic sets in. “As China becomes more domestically focused and the situation in Hong Kong develops, the dynamics of the gold market are shifting from an inflationary trade to a geopolitical and economic panic trade,” Nedoss said. I expect gold prices to move higher this week.”

Flavio Tosti, an analyst at FXStreet, wrote in a note that the four-hour chart shows gold’s rally stalled at $1,730 an ounce after bouncing back from the $1,690/1,700 area.

Gold needs to overcome these headwinds to gain more upward momentum and move toward the $1,740 / oz and $1,750 / oz levels, Tosti said.

Secretary of state Mike Pompeo’s announcement Wednesday that Hong Kong should no longer be considered an autonomous region has already raised tensions between the U.S. and China.

In a statement Wednesday, Mr. Pompeo declared that Hong Kong no longer had a high degree of autonomy and would no longer be subject to the legal treatment the United States gave it until July 1997. The announcement could pave the way for the trump administration to remove special treatment for Hong Kong’s economy. So far, Hong Kong’s economy has been unaffected by tariffs on Chinese imports.

But the decertification of Hong Kong is just the beginning of a process in which the trump administration is weighing a range of options, including removing Hong Kong’s trade status and imposing sanctions on specific Chinese individuals and entities.

Under the 1992 United states-hong Kong Policy Act, the United States has a different attitude toward Hong Kong in trade, commerce and other areas than mainland China. It is estimated that $38bn of trade between Hong Kong and the us, where nearly 300 us companies have regional headquarters, could be affected.

Jude Blanchette, director of the freeman centre for China studies at the us centre for strategic and international studies, said: “whatever concrete action is taken, this is a turning point for Hong Kong’s economic and political future in terms of us companies and investment. The implications are profound, but it is uncertain what concrete action the United States will take.”

Powell’s speech came

Federal reserve chairman colin Powell attended a remote event at the Griswold center for economic policy studies in Princeton university on Friday at 23:00 Beijing time: “talking to colin Powell.”

In his economic testimony on Tuesday, Mr Powell reiterated that the fed would use “a variety of tools to support the economy”. Mr Powell also warned of high uncertainty and significant downside risks to the economic outlook and called on policymakers to take more fiscal measures to pull the economy out of the crisis.

Mr Powell also expressed concern about the lasting damage to the economy caused by the recession, but stressed that negative interest rates were not currently on the table.

It’s important to note that Powell, in a recent speech, also noted that current data point to the success of social segregation, but predicted that economic indicators for the second quarter will be pretty bad.

Powell had warned of further deterioration in the job market and fears of rising unemployment, and his rediscussion of the economy on Friday is expected to release more details.

Analysts said gold prices could rise further if Powell signals more monetary stimulus from the fed.

“Gold has tested $1,700 and bounced back, so if we look ahead, the market will continue to expect more stimulus from the fed and other central Banks,” said Bart Melek, head of commodity strategy at TD Securities.

Large stimulus measures tend to support gold, which is often seen as a hedge against inflation and currency depreciation.

Globally, novel coronavirus has infected more than 5.9 million people in the United States

According to the latest statistics, there have been more than 5.9 million confirmed covid-19 cases worldwide. There are now more than 200,000 confirmed cases in six countries, including Brazil, Russia, Spain, the UK and Italy. In addition, France, Germany, Turkey, India, Iran and Peru have all reported more than 100,000 confirmed cases. The United States has reported 1.76 million confirmed cases and more than 103,000 deaths.

Worldometers world real-time statistics show that as of 9:16 PM Beijing time on May 29, the global total number of confirmed covid-19 cases exceeded 5.9 million, reaching 594,658, and the total number of deaths exceeded 362,010, with 362,000 deaths. The United States has the highest number of confirmed covid-19 cases in the world, with more than 1.76 million cases and 1768,461 cases, and more than 103,000 deaths, with 103,330 cases.

Dr. Anthony Fauci, director of the national institute of allergy and infectious diseases and a White House health adviser, said Wednesday that a second coronavirus outbreak in the United States was possible but ‘not inevitable.’

In an interview with CNN on Wednesday, fauci said a second wave of novel coronavirus could be prevented in the United States as long as states reopened “correctly.” “Don’t start skipping recommendations for guidelines, because that’s really a risk and a recipe for trouble.”

Fauci has previously warned that americans need to be prepared for the possibility of a second coronavirus in the fall.

US President Donald trump’s visit to a golf course on May 23 sparked controversy amid a rise in new cases and deaths in the us. Democratic presidential hopeful and former vice President Joe biden took to twitter to criticize him, saying, “nearly 100,000 people have died and tens of millions are out of work. Meanwhile, the President is busy playing golf.

On April 11, local time, US President Donald trump approved Wyoming as a “state of major disaster” for covid-19. For the first time in U.S. history, all 50 states, Washington, d.c. and the four overseas territories of the U.S. virgin islands, northern mariana islands, Guam and Puerto Rico are in a “state of major disaster.”

Major epidemic in overseas countries, Worldometers world real-time statistics, as of 9 PM Beijing time on May 29, 16 points, Brazil COVID – 19 confirmed 438812 cases, Russia has confirmed 379051 cases of accumulative total of 284986 cases of the patients in Spain, the UK has confirmed 269127 cases, Italy has confirmed 231732 cases, confirmed 186238 cases of France, and Germany has confirmed 182452 cases, India has confirmed 165386 cases, Turkey has confirmed 160979 cases, A total of 143,849 cases have been confirmed in Iran, 141,779 in Peru and 88,512 in Canada.

A team of researchers at the University of Washington in the us predicted that Brazil would peak in June with more than 3,000 new deaths in a single day and more than 220,000 deaths by August.

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