What does Biden imply for gold?
America has elected a new President. It was a close race, but Joe Biden eventually won and he will be inaugurated and take office in the White House on January 20. The price of gold rose initially in the aftermath of the elections, only to plunge on the news regarding Pfizer’s vaccine breakthrough, as the chart below shows. This is what we know.
But what’s next for the price of gold? What does a Biden presidency mean for the yellow metal? To answer these vital questions, we will analyze the agenda of the President-elect. On the official Biden-Harris Presidential Transition website , we found that the new administration has four priorities: COVID-19, economic recovery, racial equity, and climate change. Read more...
Gold Price Analysis: XAU/USD bulls gear up for $1,851 upside hurdle with eyes on US NFP – Confluence Detector
Gold prices ease after refreshing the nine-day high earlier in Asia, currently around $1,842 ahead of Friday’s European session. The broad US dollar strength and risk-on mood favored the yellow metal buyers before the recent consolidation of the US dollar index (DXY), near the lowest level since April 2018, joins a lack of market-moving catalysts.
Chatters concerning the vaccine suggest the world will soon have the cure to the pandemic, with Moderna and Pfizer gaining major attention after the UK approved the latter one. Though, the US restriction on the visit limit of Chinese Communist Party members and their families and a ban on Xinjiang cotton imports, coupled with blacklisting four companies citing military ties, probed the risk-on mood. Read more...
Gold Futures: Further gains remain on the cards
CME Group’s advanced figures for gold futures markets noted open interest rose for the second session in a row on Thursday, this time by nearly 2.1K contracts. Volume, instead, extended the downtrend for the fourth straight session, now by around 8.5K contracts.
Thursday’s uptick in gold prices was amidst rising open interest, hinting at the idea that further upside is likely in the very near-term. That said, the next key hurdle emerges at the $1,850 mark per ounce, coincident with the 21-day SMA. Read more...
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