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Following the passage of the emergency economic assistance plan bill by the U.S. Congress, the leaders of the Group of Twenty (G20) issued a joint statement, releasing 5 trillion U.S. dollars to deal with the epidemic and improving the market atmosphere.

Risk aversion cooled and the US dollar continued to vomit below the 100 mark.  G20 leaders issued a joint statement promising to take all necessary health measures and seek to ensure sufficient funds.

In order to control the epidemic situation, information will be shared in a timely and transparent manner, data on the epidemic situation will be exchanged, and manufacturing capacity will be expanded to meet the growing demand for medicines.

To ensure the wide supply of drugs.  The plan sent U.S. stocks soaring, with the Dow rising more than 1,000 points and stabilizing above 20,000 points. The U.S. dollar's recent hedging function has faded as expected, with the weaker pound and New Zealand dollar gaining greater momentum for rebound.

There were many important economic issues in the market yesterday. In addition to the rescue plans of the United States and the G20, the Bank of England also continued its regular meetings to keep interest rates unchanged.

As the Bank of England has already cut interest rates by 0.5% and 0.15% twice in the month, the interest rate has almost bottomed out, which can be said to be irreducible. The market has generally expected that the interest rate will not be adjusted again, but the market is more expecting the Bank of England to increase the amount of debt it can buy.

It is a pity that in the end, the plan to buy bonds was only maintained at 645 billion pounds, but it was also said that more bonds would be bought when necessary to bring insurance to the market.  In addition, the number of people applying for unemployment assistance for the first time in a week announced by the United States rose tenfold.

It also caused an uproar in the market, from a two-year high of 283,000 in the previous week to a further 3.283 million, far exceeding the expected 1.7 million and reaching a record high. Meanwhile, the number of continuous applications in the previous week also increased by 101,000 to 1.803 million.

Although the figures are frightening, they are also accepted by the market. The United States is in isolation, with millions of people unable to work and a large number of small businesses closed down. Investors have also digested that the economic data will continue to be poor in the future and the epidemic will slowly emerge on the economic level.

The US dollar's hedging function has faded due to multi-country rescue. However, as the epidemic situation is not under immediate control, it will still disturb the market performance. Gold price also shares some hedging sentiment and supports the development of gold price at a high level.

The number of confirmed cases in the United States is as high as 82,791, making it the world's largest number of cases. Without continued home quarantine, I am afraid the community outbreak problem cannot be solved. The shutdown of the mining industry has also caused a sudden break in the gold supply chain in the market.

In anticipation of a decrease in gold production in the future, some merchants are in urgent need of holding positions for delivery, which has also increased the demand for real-time gold purchases. In a short period of time, it is difficult for gold prices to plummet. It is already a good opportunity to enter the market to fall back to the 1600 mark yesterday.

The upper part is temporarily unable to challenge the 1650 mark. It is expected that the gold price will be adjusted at a high level. The lower part of the market will be slightly raised to 1605. It will continue to return to the original position and buy. After a period of consolidation, the reserve will rise.