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Original Caption: 18 Tweets To Poll Votes In 1 Hour Trump’s diagnosis has dramatically increased the situation and gold is bouncing, but it still appears to be out of the vicious circle.
FX168 Financial News (North America) News International spot gold rose strongly on Monday (October 5), peaking at $ 1,918.40 an ounce during the session. US President Trump’s diagnosis of the new crown is still fermenting. Although the condition appears to have alleviated for now, risk aversion remains. On the rise, investment sentiment is also more cautious, which has brought a sure backing for gold. At the same time, the fall of the dollar also boosted the stock market and gold to some extent. However, the current trend for gold does not appear to be the same as that of the stock market. You have not fully demonstrated your own safe haven value. It seems that market sentiment remains uncertain.
The market is still looking for clues about Trump’s latest illness. CNBC reported that early Monday, Meadows said in an interview with Fox News that whether to allow Trump to return to the White House “has not yet made a final decision.” “Obviously, his health continues to improve. Later in the morning, the doctors will evaluate him and the president will decide whether to discharge him today, after consulting with the doctors.”
If he returns from Walter Reed Hospital on Monday, the president may still be contagious and may be isolated in the White House. CNN previously reported that United States President Trump left Walter Reid Medical Center in a special car on the afternoon of the 4th local time and greeted supporters outside the hospital in the car. Later, White House deputy press secretary Judd Deere stated that Trump returned to Walter Reid’s presidential office after a short trip. CNN stated that the White House media did not receive any advance notice about the trip.
Currently, Trump’s illness is not only affecting investors’ nerves, but also has a great impact on the general situation of the US elections, which has attracted the attention of global financial markets. And because the counting time is running out before the US general election, and the sudden diagnosis incident has also caused big changes in Trump’s electoral situation, the current president suddenly started tweeting this morning. In a few hours, he posted 18 consecutive tweets, the subject of which was “gathering votes.”
In terms of economic data, the latest report released by IHS Markit indicated that the US service industry is recovering steadily, new business and overseas demand continue to rise, leading the PMI of the US service industry at 54.6 in September. Although it has dropped from 55.0 in August, it still shows business. Good growth in activity. The ISM services industry PMI showed that US growth accelerated last month, and its non-manufacturing PMI rose to 57.8 from 56.9 in August.
Chirs Williamson, Chief Economist at IHS Markit, said: “ In September, the US economy continued to rebound from the deep contraction at the height of the new corona pneumonia epidemic, and business activities in the manufacturing industries and services increased, making it the strongest since the beginning of 2019. Out of a quarter. “
From a technical perspective, the daily chart for gold shows that it fluctuated lower after updating its all-time high of 2075 on August 7, and further expanded its decline after falling below the low point of 1451 on March 20 from the uptrend pipeline. However, he won about 1850. Support and once rose to about 1915.
(Daily spot gold chart, source: FX168)
Intraday, upward pressure is at the downtrend line (current cutoff position is close to 1927). If the effective bullish breakout breaks through this position, it is expected to drive the price further up to the 1950-1970 area.
If it sustains below 1927 and falls below the 1877-1880 support, the bears may return. Once it does indeed drop below 1850-1837, it will hit counter-attacks from the bulls severely, and it is not precluded to prevent the price from falling further to 1800 or even 1765.
Panorama:
Ole Hansen, Commodity Strategist at Saxo Bank, noted that after so much news in the market in recent days,Gold priceHe hasn’t gone up much, so he’s cautious. “If even the news of the US president’s diagnosis of the new crown cannot drive up gold prices, it means that the market is actually not ready to go up.”
Yako Sera, a market strategist at Sumitomo Mitsui Trust Bank in Tokyo, said: “If Trump’s symptoms are mild and he recovers quickly, his approval rating may increase. This is similar to that of Brazilian President Jair Bolsonaro. Circumstances. However. , this damages Trump’s ability to campaign and the time is running out before the elections. “
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