Spot gold continued to climb in the Asian session on Friday and is now back above the 1900 mark, touching as high as around $1,911. Silver, meanwhile, extended gains to 2%.
Gold’s latest rally has been linked to hopes of a fresh round of STIMULUS measures in the United States, while uncertainty over the U.S. election continues to support prices.
In an interview with Fox News On Thursday, two days after halting negotiations on a comprehensive aid bill, Trump said negotiations with Congress aimed at further mitigating the effects of coVID-19 had resumed and a deal was likely. But he gave no other details of a possible deal.
Soon after, the White House also signaled that Mr. Trump was open to a larger stimulus bill.
Moreover, Axios website, according to two people familiar with the President on twitter trump announced plans to stop stimulus negotiations, one day will give McCarthy (Kevin McCarthy) house minority leader, said he worry about the stock market reaction, hope and speaker Nancy Pelosi (Nancy Pelosi) to achieve a “Big deal” (Big deal).
Helping Airlines survive the novel Coronavirus pandemic is a matter of national security, house Speaker Nancy Pelosi said Thursday, and can only be approved by Congress if there is assurance lawmakers will work to enact a more comprehensive bailout bill.
House Speaker Nancy Pelosi and Mnuchin had a 40-minute conversation on the stimulus plan today, focused on the possibility of a deal on a comprehensive bill, with Mnuchin making clear Trump’s interest in a deal, according to House Speaker Drew Hammill’s spokesman.
‘The mood in the market is very dependent on congress talking about fiscal stimulus and the outcome is not necessarily important,’ said Rick Wagoner, fund manager at Aptus Capital Advisors.
Mark Haefele, global wealth management strategist at UBS, said volatility would remain the same in the short term, given the swing back and forth in negotiations over the pandemic aid bill. But in the longer term, a stimulus bill must eventually emerge, global central Banks will remain supportive and there is still room for surprises in medical research and development.
Beyond that, the uncertainty of the US election remains. White House Press Secretary Jim McNerney released a memo from the President’s physician on Thursday night. In the memo, White House doctor Conley said Trump had completed his treatment for COVID-19. He expects President Trump to be able to “safely return to public activities” on Saturday.
Later, Mr Trump said he wanted to try holding a campaign rally in Florida on Saturday “if we have enough time”.
He also said he may hold a campaign rally in Pennsylvania the next night.
Speaking on The Fox News Channel On Thursday night, Mr. Trump said he wanted to hold another rally. Just hours earlier, White House doctors had predicted trump would be safe to return to public life on Saturday.
Mr. Trump is eager to get back on the campaign trail, pushing a campaign that has lagged in national polls and most battlegrounds.
Mr Trump said he would be tested again for COVID-19 on Friday. A week ago, he was hospitalized for three days with the coronavirus at Walter Reed National Military Medical Center.
With just 26 days to go before the November 3 presidential election, the latest three polls show Trump trailing Biden by 16 points in national surveys. Biden also has a near lead over Trump in six swing states, particularly in Michigan, where the CNBC poll showed an eight-point gap, with Biden averaging 49 percent support and Trump 45 percent.
On the daily chart, the U.S. dollar index.DXY continued to come under pressure after two straight days of losses, with an eye on whether the previous low of 93.33 can be held. The daily chart MACD green momentum column gradually expanded, and the KDJ stochastic indicator approached the oversold level, indicating that short-term bearish momentum strengthened, or further volatile downward.
On the 4-hour chart, the DOLLAR index.DXY continues to move lower after hitting a high of 93.90. Watch to see if the 200-day moving average can be held. The MACD green momentum column showed initial signs, with the KDJ stochastic approaching the oversold level, indicating that bearish momentum on the dollar began to show, and the short term may fall further.
On daily charts, gold tried to climb further after two days of gains and is now above the 1900 level, nearing the 1910 level. The daily chart MACD red kinetic energy column appears initially, and the KDJ random index breaks above the 50 level, indicating that the bullish momentum of gold starts to accumulate, or further fluctuates to the upside.
On the 4-hour chart, gold continues to pull above the key 100-period average, with the focus now on whether the previous resistance 1920 barrier can be broken. MACD red kinetic energy column gradually expanded, KDJ random indicator above the 50 level, indicating that gold bullish momentum gradually strengthened, short term or further higher.
On the daily chart, silver rose 2 days in a row after trying to gain a foothold, extended the day to 2 percent. Daily chart MACD red kinetic energy column preliminary appearance, KDJ random index above the 50 level, indicating that silver bullish momentum is beginning to show, the price may further shock higher.
The 4-hour chart shows silver rising after hitting a low of $22,84 and now faces resistance at its 100-period average of 24.23. The MACD red momentum column begins to appear and the KDJ stochastic is approaching the overbought level, indicating that silver bullish momentum is strengthening and the short term may advance further.
Fundamentals positive factors:
- House Speaker Nancy Pelosi and Mnuchin had a 40-minute conversation on the stimulus plan today that focused on the possibility of a deal on a comprehensive bill, with Mnuchin making clear Trump’s interest in a deal, according to House Speaker Pelosi’s spokesman Drew Hammill.
- Mr Trump revealed that the White House had resumed negotiations with Democratic congressmen over the bail-out measures, saying there was a chance of a deal being reached. Axios website, according to two people familiar with the President on twitter trump announced plans to stop stimulus negotiations, one day will give McCarthy (Kevin McCarthy) house minority leader, said he worry about the stock market reaction, the hope and the speaker Nancy Pelosi (Nancy Pelosi) to achieve a “Big deal” (Big deal).
- British Prime Minister Boris Johnson’s spokesman said on Thursday that the prime minister was prepared to leave the European Union completely without a deal at the end of the transition period, but that British leaders still believed there would be a deal.
Fundamentals negative factors:
The U.S. Labor Department said new claims for unemployment benefits fell 9,000 to 840,000 in the week ended October 3, compared with market expectations of 820,000.
- After announcing on Wednesday that coVID-19 drugs were “freely available,” Trump highlighted the issue again in his video on Thursday and gave more details. Trump said he wants to sign an emergency license for coVID-19 “immediately.” The FDA is moving faster than ever, and what would take the FDA one to three years could now be done in weeks or less.
- On Wednesday, Regen Announced that it has filed an “emergency use Authorization letter” with the U.S. Food and Drug Administration for approval of its covid-19 therapeutics. Regeneron’s experimental antibody treatment is still in large-scale clinical trials.