Gold investment: election reversal reverse again! Trump alludes to ‘magic’! Joe Biden just tweeted again! Gold breakthrough approaching!

Most Asian stocks rebounded Thursday, extending the previous day’s rally on Wall Street, while the dollar was little changed and spot gold rose near $1,910 in the short term.

This year’s us mail-in ballot Numbers were higher than usual because of the outbreak, which led to a dramatic election.

First unstoppable trump to win Florida town, also a commanding lead in several swing states, basic needs and then declaring victory, but then six democratic states stop billing, biden in Wisconsin and Michigan had suddenly out of a postal vote ten tickets, make whole rather turn again.

At around 11:00 Hong Kong time on November 5, Biden was ahead of Trump by 264 electoral votes to 214, according to the Associated Press. In other words, Biden was only six votes away from winning the White House, and he also said he believed he would win.

In a speech on the results, Biden said he is expected to win the election with more than 270 electoral votes, putting him within reach of the White House. His words were cautious, stressing that he was not declaring victory, but that he was confident he would win when the count was completed.

However, the Trump campaign has filed a court order to suspend the count in Michigan, Georgia and Pennsylvania, alleging fraud by his opponent.

Mr Trump also posted on Twitter that he was winning Pennsylvania, but the state government announced that millions of votes were still to be counted. He said a surprising number of votes turned up in some of the key states where he had led, and one by one his lead began to magically disappear after the count. His posts were mislabeled on Twitter.

In addition to the race for the presidency, Republicans and Democrats are also vying for control of both houses of congress. According to the latest Figures from the Associated Press, the senate seat is 48:48, while the House seat is currently held by Democrats with a 204-190 lead.

“Expectations are growing that the Senate isn’t going to go To Democrats,” said Bart Melek, head of commodity strategy at TD Securities in New York. “The reality is that we’re in a divided government and it’s unlikely that we’re going to have the type of stimulus that the market is hoping for.”

Technical analysis:

The dollar

On the daily chart, the dollar index.DXY fluctuated wildly yesterday, closing slightly lower and trading around 93.40. The daily chart MACD red kinetic energy column gradually weakens, and the KDJ random index approaches the 50 level downward, indicating that the short-term bullish momentum slows down and there is further downward space.

On the 4-hour chart, the DOLLAR index.DXY surged to 94.30 yesterday after dipping below 93.07 and is hovering near its 60-session moving average. The MACD green momentum column was basically stable, with the KDJ random index falling below 50, indicating strong bearish momentum for the dollar, and further short-term weakness.

gold

On daily charts, gold’s recovery from yesterday’s dip barely closed above $1,900 and is now back between its 100-day and 50-day averages, where a narrowing average suggests a breakout is getting closer. The daily chart MACD red kinetic energy column remains weak with KDJ stochastic breaking above the 50 level, indicating a strong bullish/bearish stance for gold and currently tends to be volatile.

On the 4-hour chart, gold is currently trading above all its moving averages, with the focus on whether the 1900 level can stand. The MACD red momentum column is gradually strengthening and the KDJ random index is trading above the 50 level, indicating short term gold or further higher.

silver

On daily charts, silver tumbled to its 100-day moving average yesterday and is now trying to hold its ground. The daily MACD red column is very weak, with the KDJ random index breaking above the 50 level, indicating weak bullish momentum or further volatility in silver, although the narrowing range suggests a breakout is near.

On the 4-hour chart, silver is currently wrapped around a number of moving averages, focusing on whether the $24 level can stand. MACD red kinetic energy column preliminary appearance, KDJ random indicator above the 50 level, indicating silver bullish momentum strengthening, short term or further higher.

Fundamentals positive factors:

  1. At least 102,591 new cases of COVID-19 were confirmed in the United States on Wednesday, the highest number in a single day, according to Reuters. With 30,550 new cases of COVID-19 confirmed in Italy, Prime Minister Conte has announced a partial lockdown of Lombardy, the richest region north of Milan’s financial centre. — Risk aversion triggered by the worsening epidemic is good for gold.
  2. As votes were counted in the US presidential election, there was a dramatic shift in the key swing states of Wisconsin and Michigan, with The Democratic presidential candidate Joe Biden defying his front-runner for re-election against President Donald Trump. — Risk aversion triggered by election uncertainty is positive for gold.
  3. The surge in the number of coVID-19 cases worldwide also weighed on market sentiment. The NUMBER of new coronavirus cases continues to climb in the U.S., while the cumulative number of confirmed cases in Europe surpassed 10 million on Sunday. — Risk aversion triggered by the worsening epidemic is good for gold.
  4. U.S. stocks tumbled on Friday, with the Dow dropping nearly 500 points and the Nasdaq dropping more than 3%. The Dow Jones Industrial Average closed down 157.50 points, or 0.59 percent, at 26501.60. The S&P 500 closed down 40.10 points, or 1.21%, at 3,270.04. The Nasdaq Composite index closed down 274.00 points, or 2.45%, at 10911.59. — Falling U.S. stocks spark risk aversion, supporting gold.

Fundamentals negative factors:

  1. The Dow Jones Industrial Average rose 367.63 points, or 1.34%, to 27,847.66 on Wednesday. The S&P 500 rose 74.28 points, or 2.20%, to 3,443.44. The Nasdaq rose 430.21 points, or 3.85%, to 11,590.78. A rising stock market reduces safe-haven flows into gold.
  2. In a letter to Treasury Secretary Steven Mnuchin on Thursday, House Democratic Leader Nancy Pelosi said she was still waiting for answers from Mr. Mnuchin on some points of disagreement. The White House dismissed Ms Pelosi, saying she had no intention of backing down. Mr. Mnuchin, responding to Ms. Pelosi’s letter on Thursday, said that Ms. Pelosi had used a “political gimmick” during the negotiations to pursue an all-or-nothing negotiating approach. — The pre-election stimulus package is bearish for gold.
  3. The U.S. Commerce Department released figures on U.S. GROSS domestic product (GDP) for the third quarter, which grew at an annualized rate of 33.1 percent, the best on record. — Better-than-expected U.S. GDP boosts risk sentiment and bears gold.

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