Gold just went up sharply! Close to 1735! The worst “scary Numbers” ever! Beware of trump’s trade rhetoric!

The U.S. dollar index held firm at around 100.30 in Asian trading on Friday after U.S. President Donald trump’s pro-dollar comments spurred a rally in the greenback on Thursday. Spot gold rose quickly in the short term and again edged close to $1,735 an ounce, raising nearly $15 on Thursday on risk aversion. Investors are bracing for what has come to be known as “scary data” on us retail sales on Friday night, which is expected to cause market volatility. Investors also need to guard against another round of trade rhetoric from Mr. Trump. In terms of the global epidemic, the total number of confirmed COVID-19 cases worldwide has exceeded 4.52 million, and the total number of confirmed cases in the United States has exceeded 1.457,000.

“Terror data” is coming

On Thursday, the dollar continued to rise against all major currencies. Some market watchers attributed the dollar’s rise to U.S. President Donald trump’s support for the dollar after he told fox news earlier that “this is a great time to be strong.”

The dollar also got a boost from comments from federal reserve chairman colin Powell. Fed chairman colin Powell made it clear on Wednesday that negative interest rates were off the table because of doubts about their effectiveness and the fed’s other tools.

The dollar index.dxy hit a high of 100.56 on Thursday before closing at 100.29. The dollar index was trading around 100.30 on Friday.

At 20:30 Beijing time on Friday, the U.S. retail sales data for April is expected to show a monthly decline of 12 percent, compared with a previous decline of 8.7 percent.

Retail sales in March recorded their biggest drop on record since records began in 1992. If the latest April retail sales report on Friday is as expected, it will be the worst on record.

Us retail sales figures are known as “scary Numbers” and often cause wild market swings.

“People’s expectations for the data to go down are still pretty solid,” said Ryan McKay, commodities strategist at TD Securities.

U.S. retail sales are key to the market’s focus, as investors will see the impact of a novel coronavirus shutdown on the retail sector.

Analysts said the dollar index could take a hit if us retail sales data performed poorly, which would push gold higher.

Kathy Lien, managing director at BK asset management in New York, said Friday’s U.S. retail sales report should be “very weak” after the April lockdown led to a continued contraction in demand. The university of Michigan’s consumer confidence index will also be released, and while consumer confidence is expected to deteriorate further, the decline is likely to be moderate as states reopen.

Further gains are expected

Gold climbed to its highest level in nearly three weeks on Thursday on safe-haven demand as investors sold riskier assets amid concerns about prolonged economic weakness and trade tensions between China and the United States.

International spot gold rose as high as $1,736.10 an ounce in four days to close at $1,730.18 an ounce, up $14.68, or 0.86 percent.

Asian city on Friday, spot gold short – term rapid pull up, as high as $1734.20 / ounce.

Gold has benefited from renewed uncertainty in us-china relations. Earlier, US President Donald trump said he was very disappointed by China’s failure to contain the coronavirus outbreak, saying the global outbreak cast a shadow over his trade deal with China.

In a sign of sentiment, the world’s largest Gold exchange-traded fund, SPDR Gold Trust holdings, jumped to a seven-year high of 1,092.14 tons on Wednesday.

Edward Moya, senior market analyst at broker OANDA, said: “some investors seem to be starting to be bearish on equities, the relationship between China and the us continues to slide and the us data is very bleak, all of which support safe-haven demand. Gold has been on a spiral for the past few weeks but now the macroeconomic backdrop looks set to support higher prices in the short term.”

Goldman sachs continued to reiterate its bullish stance on gold on Thursday, with Jeffrey Currie, the firm’s global head of commodities, saying in an interview that gold was his favorite commodity to trade. “There are a lot of reasons to still own gold,” he said in an interview. Most importantly, you still see the devaluing effect of all the stimulus, “he said.

Gold bulls remain optimistic about the metal’s prospects because many investors believe the environment is similar to or worse than the 2007-08 financial crisis. The crisis shook global markets.

Hussein Sayed, chief market strategist at FXTM, wrote in a daily research note: “if something similar happens again, the price could reach $3,500 or even $4,000 in the next three years. While history may not repeat itself, there are too many factors driving gold higher.”

A rebound in gold prices above $1,719.00 an ounce, where it currently stands, effectively supports our bullish view for some time to come and sets the stage for gold to move toward its first major target of 1,747.43, wrote on Friday. Once gold breaks above $1,747.43 an ounce, its next target is $1,785.00.

Consider, added, that a gold price above $1,719.00 an ounce is the first condition for gold to continue to be bullish.

Novel coronavirus viruses have infected more than 4.52 million people worldwide

According to the latest statistics, the cumulative number of confirmed covid-19 cases worldwide has exceeded 4.52 million. At present, the number of confirmed cases in 10 countries in the world has exceeded 100,000, among which the number of confirmed cases in the United States has exceeded 1.455m.

Worldometers world real-time statistics show that as of 9:08 on May 15, Beijing time, the cumulative number of confirmed covid-19 cases worldwide exceeded 4.52 million, reaching 4521,725, and the cumulative number of deaths exceeded 303,000, reaching 303,078. The United States has the highest number of confirmed covid-19 cases in the world, with more than 1,457,000 cases, or 1,457,293 cases, and more than 86,000 deaths, or 86,908 cases.

US President Donald trump told reporters on May 14 that the White House is likely to issue a statement on who issues next week. Trump announced in April that he was suspending financial assistance to the world health organization, accusing it of inaction in its response to the covid-19 outbreak, and said he would investigate.

Major epidemic in overseas countries, Worldometers world real-time statistics, as of 9 PM Beijing time on May 15, the euro, Spain COVID – 19 accumulative total of 272646 cases of the patients, Russia has confirmed 252245 cases, the diagnosis of 233151 cases, Italy has confirmed 223096 cases, Brazil has confirmed 202918 cases, confirmed 178870 cases of France, and Germany has confirmed 174975 cases, Turkey has confirmed 144749 cases, Iran has confirmed 114533 cases, A total of 81,997 cases have been confirmed in India, 80,604 in Peru, 73,401 in Canada and 54,288 in Belgium.

On May 13, local time, the world health organization (WHO) held a regular briefing on covid-19. “The novel coronavirus could become a long-term problem,” said Michael Ryan, who’s director of health emergency programs, at a press conference. “it’s difficult to predict when the virus will prevail and it could become an epidemic virus that will never go away.” Michael Ryan says he hopes a highly effective vaccine can be developed and distributed to all people in the world.

Michael Ryan also said that the risk level of COVID-19 will be reassessed over time and will consider lowering it. But he also stressed that until the spread of the virus is effectively controlled and comprehensive public health surveillance is in place, and health systems are strengthened to deal with a possible recurrence, who considers the outbreak to be a high risk for the world and all regions and countries.

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