International spot gold traded at $1,554.80 an ounce in early Asian trading on Thursday. Gold, which fell to a low of $1,547.39 an ounce before bouncing back from that point, is trading in a tight range for now.
Gold rose in the previous session despite a surge in U.S. stocks. Gains on Wall Street were helped by strong private domestic employment data and a stronger dollar. Investors are waiting for Friday’s non-farm payrolls report to gauge the resilience of the U.S. labor market.
A total of 3,694 new cases were confirmed in 31 provinces (autonomous regions and municipalities directly under the central government) and the xinjiang production and construction corps (XPCC), 261 of which were cured and discharged from the hospital, and 21,365 people had close contacts who were released from medical observation, according to the latest report from the national health and fitness Commission (NDRC) on Thursday. There were 640 new severe cases, 73 new deaths (70 in hubei, 1 in tianjin, 1 in heilongjiang and 1 in guizhou), and 5,328 new suspected cases.
By 2:00 am on February 5, a total of 28,018 confirmed cases had been reported in 31 provinces (autonomous regions and municipalities directly under the central government) and the xinjiang production and construction corps. A total of 282,813 close contacts were traced, including 186,354 who were under medical observation.
A total of 42 confirmed cases have been reported from Hong Kong, Macao, and Taiwan: 21 from the Hong Kong special administrative region (1 death), 10 from the Macao special administrative region and 11 from the Taiwan region.
Since January 20, when the national health and construction commission released data on the new coronavirus pneumonia in China, the number of newly diagnosed cases has gradually increased and the total number of confirmed cases has also continued to increase.
However, according to the statistics of the national health and fitness commission, 707 new cases of pneumonia infected with the new coronavirus were confirmed in non-hubei regions of China between 0 and 24 hours on February 5, falling for two consecutive days. From 0 to 24 o ‘clock on February 4, 731 new cases of coronary pneumonia were confirmed in non-hubei regions, and 890 new cases were confirmed in non-hubei regions from 0 to 24 o ‘clock on February 3.
Next need to continue to pay attention to the situation of the pneumonia epidemic, alert to market sentiment to cause major market volatility.
On the daily chart, the dollar index maintained its rally since its recent lows, with the MACD red momentum column expanding and the KDJ random index turning higher, indicating stronger dollar rally momentum followed or extended gains.
On the 4-hour chart, the dollar index held its rally for the time being, with the MACD red momentum column narrowing slightly and the KDJ random index slightly higher, indicating mixed near-term momentum for the dollar, followed by a possible temporary consolidation.
On the daily chart, gold retreated from its recent highs and fell below its 20-day moving average. Technically, the MACD green momentum column expanded, the KDJ random index continued to decline, indicating gold prices to strengthen the downward momentum, the next material to continue the decline.
On the 4-hour chart, gold continued to trade in a tight range under pressure, with the MACD green momentum column narrowing slightly, and the KDJ random index moving modestly higher, indicating that gold is likely to rebound slightly from its lows in the short term.
Fundamentals favorable factors:
- As of 24:00 on February 5, a total of 28,018 confirmed cases had been reported in 31 provinces (autonomous regions and municipalities directly under the central government) and the xinjiang production and construction corps, 1,153 of which had been cured and discharged, 26,302 of which had been treated in isolation (including 3,859 cases of severe illness), 563 of which had died, and 24,702 of which were suspected. A total of 282,813 close contacts were traced, including 186,354 who were under medical observation.
- Officials at the U.S. centers for disease control and prevention (CDC) confirmed that 11 cases have been confirmed in the United States, two of which were transmitted through human contact within the country.
So far, 10,000 Americans have died from the flu, as a new coronavirus wreaths havoc and world leaders close borders to protect their citizens from the disease, according to a new CNBC report.
- The world health organization’s director-general tandsai said it was “dangerous” that the world might not be prepared for the next pandemic.
Data released on Monday showed the monthly rate of U.S. construction spending fell 0.2 percent in December, compared with expectations of a 0.5 percent increase after a 0.6 percent rise. U.S. construction spending unexpectedly fell in December, the first decline since June, as an investment in both private and public projects fell. For all of 2019, U.S. construction spending fell 0.3 percent, the first decline since 2011.
Fundamental negative factors:
- The U.S. Senate on Wednesday voted down two articles of impeachment accusing President Donald Trump of abusing his power and obstructing Congress. Mr. Trump became only the third President in US history to be exonerated by the senate and remain in office.
- The job market kicked off 2020 in an ambitious way, with the private sector adding 291,000 jobs, the biggest monthly gain since May 2015, according to a report released Wednesday by ADP and moody’s analytics.
The US trade deficit fell 1.7 percent last year to $616.8bn, the first decline since 2013, the Commerce Department said on Wednesday. Critics point out that the US trade deficit fell in 2019 for the first time in six years. Despite the slowdown in consumer spending, it helped keep the U.S. economy grew modestly in the fourth quarter.
The institute for supply management said on Wednesday its index of U.S. non-manufacturing activity rose to 55.5 in January, the highest since August, from a forecast of 55.0. It was revised down slightly to 54.9 in December from 55.0.