International spot gold was at $1703.50 an ounce in Asian trading on Tuesday. Gold extended its decline during the day, accelerating to $1700.30 an ounce, and is still on a relatively steep decline.
International oil prices continued to fall, the current WTI crude futures extended losses to 16 percent, now at $10.70 a barrel. Meanwhile, brent crude oil also maintained its downward trend, currently down 2.04 per cent.
International oil markets closed sharply lower Monday on concerns that oil production cuts in the United States and elsewhere won’t be enough to offset the slump in demand caused by the new outbreak. There are fears that global oil reserves will soon be filled as the coronavirus outbreak continues to disrupt demand.
The us oil fund, popular with retail investors, also weighed on prices after it said it would start selling all contracts for June delivery on Monday in favour of longer-term contracts.
U.S. WTI crude for June delivery ended Monday down 24.56% at $12.78 a barrel, after falling as low as $11.88. Brent crude, the international benchmark, fell 6.76 per cent to $19.99 a barrel.
WTI crude for July delivery fell more than 14 per cent to $18.18 a barrel, while August futures fell more than 9 per cent to $21.50, suggesting Wall Street does not expect a meaningful recovery in the coming months.
In terms of epidemic situation, according to the latest statistics, the global cumulative number of confirmed COVID 19 cases has exceeded 3.06 million. At present, the number of confirmed cases has exceeded 100,000 in seven countries, among which the United States still has the largest number of confirmed cases in the world, with a total of 1.01 million cases.
Worldometers world real-time statistics show that as of 9:15 PM Beijing time on April 28, global COVID-19 cumulative confirmed cases of more than 3.06 million, to 3064,147 cases, cumulative deaths of more than 211,000 cases, to 211,533 cases. The United States has the world’s largest number of cumulative confirmed COVID 19 cases, with more than 1.01 million cases, reaching 1010356 cases, and the cumulative number of deaths exceeding 56,000 cases, reaching 56,797 cases. That’s close to the number of U.S. military deaths in the Vietnam war. Nearly 60,000 American troops were killed in Vietnam during the decade-long war.
The head of the centers for disease control and prevention, Robert redfield, said on April 21 that the start of winter in the United States could usher in a second, more severe outbreak, with the overlap of the flu season and the new pandemic threatening “unimaginable” strains on the health care system. Redfield said governments at all levels should use the months to prepare, including improving their detection and monitoring capabilities.
OANDA analyst Craig Erlam said: “we are seeing a positive trajectory in novel coronavirus cases in Europe and the us, and we are starting to see more talk about the reopening of the economy, trying to get as much business back to normal as possible, which seems to be lifting the mood. This rebound in risk appetite could fuel profit-taking in gold.”
Mr Bannockburn said gold was likely to rise to new highs, but not by much, as he assessed the short-term outlook for a number of markets over the weekend. Gold rose about $45 last week and topped $1,700 an ounce. “Technical indicators have pointed to $1,700 an ounce since breaking above $1,400, but now the call option appears to have increased to $2,000.”
Edward Meir, analyst at ED&F Man Capital Markets in New York, said every correction in the gold market has been followed by a wave of bargain buying, which is clearly a big strategy for the gold market right now.
Ryan McKay, commodities strategist at TDS, said the gold market will continue to perform strongly, especially after a selloff, and will rally further this week.
On the daily chart, the dollar index has fallen from its highs, MACD green kinetic energy column looming, KDJ random index further lower, indicating the dollar to strengthen downward kinetic energy, the next expected further retreat down.
On the 4-hour chart, the dollar index has rebounded slightly from its lows, the MACD green momentum column has narrowed slightly, and the KDJ random index has turned higher, indicating a small dollar rally in the short term.
On the daily chart, gold prices continued to retreat from their highs, the MACD red momentum column narrowed, but the KDJ random index turned lower, indicating gold downward momentum to resume, the next expected to continue to decline.
On the 4-hour chart, gold continued to fall under pressure, MACD green momentum column slightly expanded, KDJ random further lower, indicating that gold will continue to fall short.
fundamentals Positive factors:
- According to the latest data, as of 9:15 on April 28, Beijing time, the total number of confirmed covid-19 cases worldwide exceeded 3.06 million, reaching 3064,147, and the total number of deaths exceeded 211,000, reaching 211,533. The United States has the world’s largest number of cumulative confirmed COVID 19 cases, with more than 1.01 million cases, reaching 1010356 cases, and the cumulative number of deaths exceeding 56,000 cases, reaching 56,797 cases.
- The head of the U.S. centers for disease control and prevention is warning that the worst of the coronavirus pandemic may be yet to come. “Next winter, this virus is likely to strike our country more difficult than the one we just had,” Robert Redfield, the C.D.C. director, told the Washington post on Tuesday.
- Sana reported that Syrian air defense systems intercepted enemy targets over Damascus and that Syria shot down several Israeli missiles.
- According to the information released by the Russian defense ministry, a total of 874 active-duty soldiers were confirmed with covid-19 after intensive virus testing from march to April 26, of which 4 were seriously ill. In addition, a total of 971 teachers and students were confirmed at military academies under the ministry of defence.
Fundamental negative factors:
- The number of hospitalized covid-19 cases in France decreased from 28217 to 28055, and the number of icu cases decreased from 4682 to 4608. There were 4,326 new confirmed COVID 19 cases in France, with a total of 196,069 confirmed cases.
2, 19 outbreak in 27 COVID – press conference, New York state governor cuomo said that at present the state COVID – 19 hospitalized patients maintain a number of stable level, but haven’t reached the ideal level of the began to decline, and on the death toll, last weekend two days, the state of New York COVID – 19 one-day new death cases of 367 cases and 337 cases respectively, the decline in Numbers, but still huge total. Cuomo said Sunday that the state plans to reopen the economy in stages.
- News of the health abnormality of the supreme leader of the DPRK, Kim jong-un, has been closely watched by the outside world. South Korean President moon jung-joon responded on April 26 that Kim jong UN is alive and well. He said Mr. Kim had been in wonsan in gangwon province since April 13 and that no suspicious movements had been detected.