On Monday (June 1) Asian market, the international spot gold movement was volatile, early shock high to 1740.51 dollars an ounce, then fell back from the high, but still held the day’s gains, now trading at 1738 dollars an ounce area.
With the global outbreak still out of control, tensions between China and the United States rising, and domestic tensions in the United States weighing on investors’ minds, the market is still under a strong risk-off atmosphere. Overall, although the day’s gold price trend is more volatile, but still hold the rally, the current rise of 0.53%, for the third consecutive session up.
The violent law enforcement death of a black man in the United States has sparked widespread violent protests that have led to curfews in at least 40 cities across the country. Meanwhile, about 5,000 members of the national guard have been activated in 15 states and Washington, d.c., as of Monday morning local time, and another 2,000 will be activated if necessary.
According to the New York times, the unrest in Minnesota has spread to more than 70 cities across the United States, and at least eight states and Washington, d.c. have mobilized the national guard in response to the demonstrations.
At least 40 cities, the state of Arizona and Washington, d.c., have announced curfews for the night in response to recent protests across the country, CNN reported. States of emergency were declared in Arizona, Texas and Virginia.
The national guard in Washington, d.c., has been mobilized to defend the White House, according to CNN. The national guard said in a statement on its facebook page that troops have been mobilized to help Washington police respond to protests around the White House. The Washington, d.c., national guard (DCNG) has received a mobilization order from the secretary of the army, which ultimately reports to the President, the statement said.
As protests in the United States grew, the wind blew into neighboring Canada. A demonstration against racism and a call for justice broke out in the Canadian city of Toronto Wednesday afternoon. Toronto police put the number at about 4,000 and there was no violence during the demonstration. But traffic was disrupted on several roads in downtown Toronto.
The Canadian protesters’ anger was ignited when Regis, a 29-year-old black woman, fell to her death from the 24th-floor balcony of her building on the afternoon of May 28, local time. Police later said Regis jumped to her death, but Regis’s family said on social media that police had pushed her off the balcony. The incident caused an immediate uproar among black people, and the recent mass protests against police brutality in Minneapolis led to a march by thousands in the city of Toronto.
Keep an eye on domestic political developments in the U.S. any new news is likely to trigger sharp market swings, especially as safe-haven assets such as gold gain further if risk aversion continues to spread. But if multiple geopolitical risks add up, they could trigger a resurgence of indiscriminate selling.
On the daily chart, the U.S. dollar index maintained its downward retreat under pressure, the MACD green momentum column extended, and the KDJ random index fell further sharply, indicating dollar short momentum intensified.
On the four-hour chart, the U.S. dollar index also maintained a volatile decline, MACD green momentum column held steady, KDJ random index turned lower, indicating that the dollar will further volatile short – term decline.
On the daily chart, the gold price fell to a low after a mild rebound, MACD green kinetic energy column narrowed, KDJ random index turned sharply higher, indicating that gold rebound kinetic energy restart, the next expected to continue to maintain the rebound.
On the 4-hour chart, gold prices also maintained a volatile rally, MACD red momentum column held steady, KDJ random indicators slightly flat, indicating gold short term is expected to continue to maintain the rise.
Fundamental positive factors:
- Worldometers world real-time statistics show that as of June 1, Beijing time, the global total number of confirmed covid-19 cases has exceeded 6.24 million, and the total number of deaths has exceeded 373,000. The us has the world’s largest number of confirmed covid-19 cases, with more than 1.83 million cases and more than 106,000 deaths.
- US President Donald trump said on Friday that Hong Kong no longer has enough autonomy to enjoy the special treatment granted by the us and that his administration will begin the process of removing the policy exemptions that give Hong Kong special treatment. Mr. Trump also announced several other measures aimed at Hong Kong and China. Mr. Trump said the United States would take measures against Hong Kong officials involved in undermining the territory’s autonomy. Meanwhile, Mr Trump said on Friday that he would end the us’s relationship with the world health organisation.
- According to the New York times, the unrest in Minnesota has spread to more than 70 cities across the United States, and at least eight states and Washington, d.c., have mobilized the national guard in response to the demonstrations.
- At least 40 cities, the state of Arizona and Washington, d.c., have announced curfews for the night in response to recent protests across the country, according to CNN. States of emergency were declared in Arizona, Texas and Virginia.
- Mr Trump has announced the postponement of next month’s planned G7 summit to September and wants to invite Russia, Australia, India and South Korea to the summit.
Fundamental negative factors:
- The number of Americans continuing to file for state unemployment benefits fell to 21.052 million in the week ended May 16 from 2.053 million, labor department data showed on Friday. The number of people renewing unemployment benefits fell by 4 million, the first drop since the coronavirus outbreak began.
- New data from the receiver trial suggest that for most patients at least, the five-day treatment is as effective as the 10-day treatment. This means that a limited supply of experimental drugs can go further, treating more patients with fewer doses. The findings were published Wednesday in the New England journal of medicine.
- As of Wednesday, every state in the United States will begin unwinding measures put in place weeks ago to contain the spread of the coronavirus, even as the daily rate of new cases continues to rise in some parts of the country. The last state to lift some restrictions is Connecticut, which will allow outdoor dining venues, offices, retail stores and malls, museums and zoos to reopen with restrictions on Wednesday.
- Us biotech company Moderna says the vaccine mrna-1273 for covid-19 is safe and well tolerated; The final phase of vaccine trials is expected to begin in July. Dynavax, an American biopharmaceutical company, followed with good news. A novel coronavirus vaccine trial could take place as early as July, the company said.