On Tuesday (November 17) in the Asian session, the DOLLAR index fell under pressure, now at around 92.50; Spot gold maintained its upward momentum and is currently trading above $1,890 an ounce. Gold prices fluctuated sharply yesterday as optimism about the coVID-19 vaccine briefly sent the metal tumbling, but investors’ expectations of more government stimulus prompted a rebound. Gold was also supported by the still uncertain outcome of the US election. In the news of the US election, four us states withdrew their lawsuits against the results of the election. A recount in the U.S. state of Georgia found more than 2,600 uncounted votes in one county. Investors will keep an eye on the latest developments on vaccines and the US election. Separately, investors are set for another bout of market volatility on Tuesday night in Hong Kong ahead of what has been dubbed the “terror data” on US retail sales.
Lawsuits in four US states seeking to overturn the election results of Democratic presidential candidate Joe Biden were withdrawn On Monday after no real progress was made, CNN reported. The lawsuits had previously been filed in courts in Georgia, Wisconsin, Michigan and Pennsylvania.
A federal appeals court ruled last week that voters were ineligible to file constitutional lawsuits. On Monday, local time, voters in all four states withdrew their lawsuits.
White House legal experts said last week that they expected the final outcome of the Trump campaign’s state-by-state election fraud lawsuit to come this week.
A recount is under way in Georgia. In Floyd County, Georgia, more than 2,600 uncounted votes were found, according to the latest us media reports.
Brad Raffensperger, Georgia’s secretary of state, said the problem came from election officials in Floyd County who failed to upload data from the vote-scanner memory CARDS, Fox News reported. Raffensperger stressed, however, that no uncounted ballots had been found in other counties so far, and that retests were very close to the original Numbers.
Georgia’s voting systems manager Gabriel Sterling said the accident was caused by a human and not an equipment problem, and called it “an astonishing error.” Luke Martin, President of the Floyd County Republican Party, said the issue was of considerable concern.
Nearly five million ballots were cast in Georgia, and thousands of people in 159 counties were manually counted. The process will be completed by midnight local time on November 18th.
Based on unofficial results, several U.S. media outlets are predicting Biden will win the state by more than 13,000 votes.
White House trade adviser Peter Navarro told Newsmax TV that President Trump is likely to be the winner in 2020 if “anomalies” in multiple states are taken into account.
“We want a verifiable, verifiable vote, and that’s what we’re really looking for here,” Navarro said On November 16 local time.
“Many of the lawsuits filed across the country were filed not by us but by people who witnessed terrible fraud,” President Donald Trump tweeted late On November 15. Our big cases will show that the 2020 election is unconstitutional, and [someone] has done something outrageous to change the election result, [these big cases] will be filed very soon!”
On the evening of November 16 local time, Trump tweeted that he had just won a “significant victory” in Nevada because of a large “turnout swing” in a county commissioner election in Clark County, Nevada. Trump first retweeted a tweet from Republican politician Adam Paul Laxalt. Laxalt tweeted that the Clark County, Nevada, Commission had just rejected “an election that accounted for almost one-sixth of all votes cast in Clark County” due to a massive “discrepancy” that made it impossible to ensure the result was certain. Laxalt said 153,000 votes were cast in the election.
After retweeting the tweet, Mr Trump wrote: “Just now, a big victory in Nevada. The Democratic race for county commissioners, like the presidential election, has just been rejected because of a massive “swing in and out of the ballot”. Clark County officials have no confidence in their election security. Big impact!”
Gold faced a brief period of strong bearish pressure on Monday, hitting $1,865.00 an ounce, according to an article on Economies.com. But gold quickly rebounded and closed at around $18,90.00 an ounce. If gold consolidates above the $1,890.00 / oz level, the bullish scenario will hold for some time to come, in which case the next target for gold is $1,934.86 / oz.
Bart Melek, head of commodities strategy at TD Securities, said: “Vaccines are very, very good news, but the problem is that even in developed countries it takes quite a long time to deploy vaccines. With or without a vaccine, the economy will struggle until the third quarter of next year. “We need a lot of monetary stimulus and we are likely to have fiscal stimulus, which should ultimately help bring inflation closer to target.”
Gold, seen as a hedge against inflation and currency depreciation, is up more than 24 per cent this year, thanks largely to global stimulus measures to mitigate the impact of the pandemic.
Ole Hansen, analyst at Saxo Bank, said that despite market expectations that the economy would return to normal in the second half of 2021, “there are still huge gaps in some of the world’s economies that need to be filled by governments and central Banks”.
Colin Cieszynski, chief market strategist at SIA Wealth Management in Singapore, said he thinks gold will move higher because vaccines won’t change near-term problems. “We still have to get through the winter, which I think means we’re going to see more stimulus, which will be positive for gold,” Cieszynski said.
Phillip Streible, chief market strategist at Blue Line Futures, said, “As the number of confirmed coVID-19 cases has increased, so have expectations of more government stimulus. I think if gold can get back above $1,900, investors will breathe a sigh of relief and we might see some new momentum coming back.”
Most Wall Street analysts and ordinary investors are bullish on gold’s performance this week, according to a Kitco gold survey released On Friday. Seventeen analysts responded to the survey last week. A total of 10 analysts (59%) expect gold prices to rise this week; Meanwhile, one analyst (6%) expects gold prices to fall; Six analysts (35%) are neutral on gold.