International spot gold was at $1,736.90 an ounce in Asian trading on Tuesday (May 19). After the last trading day after the platform diving, the day long counterattack, gold from the low began to rebound, the day up 0.39%, still maintain the rebound trend.
In terms of the global epidemic, according to the latest statistics, the cumulative number of confirmed covid-19 cases worldwide has exceeded 4.89 million, and the death toll has exceeded 320,000. There are now more than 200,000 confirmed cases in six countries, including Russia, the UK, Spain, Italy and Brazil. In addition, France, Germany, Turkey, Iran and India have all reported more than 100,000 confirmed cases. The total number of confirmed cases in the United States has exceeded 1.55 million.
Worldometers world real-time statistics show that as of 10:07 am Beijing time on May 19, the global total number of confirmed covid-19 cases exceeded 4.89 million, reaching 4.890863, and the total number of deaths exceeded 320,000, reaching 320,130. The United States has the highest number of confirmed covid-19 cases in the world, with more than 1.55 million cases and 1550294 cases, and more than 91,000 deaths and 91,981 cases.
US President Donald trump said on May 18 that he has been taking hydroxychloroquine regularly for a week and a half to prevent novel coronavirus infection. Mr. Trump said he was not sure whether the drug would work, but that even if it did not, it would not make people “sick or die.”
Trump said he was taking hydroxychloroquine, which he had been taking for about a week and a half, consulted the White House doctor, who said, “if you want.” Mr. Trump said the drug was likely to work.
Hydroxychloroquine, which trump has repeatedly called a potential game changer in the fight against coronavirus, is often used by doctors to treat rheumatoid arthritis and lupus. Many clinical trials have been conducted to see if it is effective against the coronavirus, but it has not been proven.
But medical experts have previously warned against using hydroxychloroquine because its efficacy against coronavirus has not been proven and can cause serious side effects to health.
On the other hand, on May 15, local time, US President Donald trump announced a plan called “operation warp speed” to speed up the scientific research on covid-19 vaccine, drugs and testing, and expressed the hope of developing a new covid-19 vaccine before the end of this year.
If there is a major breakthrough in the covid-19 vaccine, risk aversion could quickly cool and a big sell-off in gold could be in the offing. Bulls should be cautious.
On the daily chart, the dollar index retreated after a recent rally, the MACD green momentum column appeared, and the KDJ random index turned sharply lower, indicating a resurgence of dollar shorts that could continue to fall.
On the four-hour chart, the U.S. dollar index maintained a short-term shock decline, the MACD green momentum column held steady, the KDJ random index remained under pressure, indicating that the dollar also maintained downward momentum in the short term, and the next expected shock decline.
On the daily chart, gold prices fell from recent highs, MACD red kinetic energy column unchanged, KDJ random index turned lower, indicating that gold rebound momentum weakened, then may continue to carry out a wave of correction.
On the 4 hour chart, the gold price rose after the shock fell, MACD green kinetic energy column slightly expanded, KDJ random index fell, indicating that gold short term may continue to retreat down.
Fundamental positive factors:
- Worldometers world real-time statistics show that as of 10:07 Beijing time on May 19, the global total number of confirmed covid-19 cases reached 4,890,863, the total number of deaths reached 320,130, and the total number of cured cases reached 1,907,392. The us has the largest number of confirmed covid-19 cases in the world, with more than 1.55 million confirmed cases, 1,550,294 cases, 91,981 deaths and 356,383 cured cases.
- Minutes of rba meeting: GDP is expected to shrink by about 10% in the first half of 2020; Most of the contraction is expected in the second quarter; In the 60-year history of quarterly national accounts, such a rate and magnitude of economic contraction would be unprecedented; GDP of Australia’s major trading partners is expected to fall sharply in the first half of 2020;
- At about 1:40 am local time on May 19, an explosion was heard inside the green zone of Baghdad, and an air raid alarm went off near the us embassy and the international coalition compound. It was not immediately clear where the blast took place or where there were casualties.
- The Japanese government is considering officially declaring the country’s economy to be in recession, the nihon keizai shimbun reported on Tuesday. A final decision could be made as early as the summer.
- Federal reserve chairman colin Powell recently said the central bank will use all of its tools to help the economy and will keep interest rates near zero until the economy gets back on track.
Fundamental negative factors:
- Moderna announced Monday (May 18) that its much-anticipated human trial of a novel coronavirus vaccine has produced novel coronavirus antibodies in 45 trial participants. Moderna said its novel coronavirus vaccine showed some promising results in a small, early trial and could be available as early as January. The news fueled optimism and led to a sell-off in safe-haven assets such as gold.
- The announcement by European countries that they would lift travel restrictions in the schengen area and agree to set up a 500 billion euro recovery fund strengthened market expectations for the unlocking of advanced economies.
- US President Donald trump says it’s good to see that America is getting back on track, that America needs sports to lift its spirits, and that hopefully the stadiums will fill up again. From an economic point of view, 2020 is going to be a great year.
- Us consumer confidence edged higher in early may to 73.7 from expectations of 68, up from 71.8, according to data released on Friday, as government stimulus measures improved consumer attitudes during the novel coronavirus pandemic.