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Source: Golden Circle
International spot gold rallied on Tuesday (November 10) from a nearly one-and-a-half month low of $ 1,850 reached on Monday, fell under pressure to the $ 1,890 level, and then fell into consolidation. Affected by Pfizer’s new crown and Pfizer’s new crown vaccine, gold previously fell from a high of a month and a half in 1965 to more than $ 100.
After Biden won the election, the promotion of market confidence in the general election reached its peak, which was prosperous and in decline; the new crown vaccine reduced risk aversion and improved prospects for economic recovery, and to some extent meant that such a large economic stimulus was unnecessary. The scale, bullish sentiment for gold was hit hard.
After the US election, Trump refused to recognize Biden’s choice and received strong support from Republican mogul, Senate Majority Leader McConnell, and Senate Judiciary Committee Chairman Graham and Pompeo. Investors should be aware that the uncertainty after the US elections may become a catalyst for a new round of the gold market.
Republican leaders played a comeback chorus
Major US media collectively announced Saturday that Democratic presidential candidate Biden won the election, but Trump refused to acknowledge the election result and received strong support within the Republican Party.
Senate Majority Leader McConnell said on Monday (November 9) that President Trump “has a 100% right” to question the election results, and Republican lawmakers also side with the White House. .
Graham, Trump’s staunch ally and chairman of the Senate Judiciary Committee, said that if Trump surrendered, Republicans would never think of becoming president. He severely criticized the Democratic Party for “electoral fraud.” Graham said that all Americans should expect our election process to run accurately, and given the large number of ballots mailed, this requires oversight; the results of the elections are not determined by the media, but certified and accurate. The result of the vote count to decide.
United States Attorney General Barr issued a memorandum to federal prosecutors on Monday, requesting an investigation into the allegations of voter fraud. This move marked a change in the policy of the US Department of Justice. Previously, the Department of Justice recommended that prosecutors generally should not take public investigation measures until elections are finalized or results are confirmed. According to Justice Department officials, the Justice Department is “investigating” allegations of ineligible voters on mailed ballots from Nevada and Pennsylvania.
US Secretary of State Pompeo declared on Tuesday (November 10) that the US regime “will transition smoothly”, but it is the second period of the transition to Trump! Pompeo insisted that Trump will eventually win the election.
Pompeo did not respond directly to this question when responding to questions from Fox News reporters about whether the State Department is ready to cooperate with Biden’s transition team and whether delaying the regime transition will increase potential national security risks. Biden’s team.
Pompeo said: “The world must be sure that the transition on January 20 will be successful. We are ready and the world is watching what is happening here. We have to count all the votes.”
Trump tweeted two consecutive tweets earlier, in which he said, “We are making great progress, and the results will come out next week to make America great again!” He wrote in another tweet: “We will make it win!”
However, former US President George W. Bush and his younger brother Jeb, former Ohio Governor Kasic and Republican Senator Romney congratulated Biden on his election.
Biden: will not affect preparations to govern
President-elect Biden firmly stated on Tuesday (Nov. 10) that President Trump’s refusal to make concessions or an orderly transition will not hamper his ability to govern after taking office in January. He said: “I think they are reluctant to admit that we have won. It will not have much impact on our plans and what we can do between now and January 20.”
Several federal agencies have stated that they will not begin working with Biden officials as part of the transition process until the General Services Administration declares Biden president-elect.
The work of President Emily W. Murphy, appointed by Trump to announce the presidential election, will trigger the transition process. Murphy has yet to make this statement. A spokesman for the Department of General Services declined to provide a specific timetable.
Before each state confirms the results, voting statistics from the Associated Press and other outlets are only preliminary results. The Electoral College will vote in December and Congress will announce the final result in January. Normally, the media forecast is consistent with the final official result, so the latter can urge a candidate from one party to declare victory, or make the candidate from the other party surrender as soon as possible. The winner will also have more transition time to organize the planning of the new government.
Gold perspective
The market has taken in the optimism sparked by the breakthrough in developing the new crown pneumonia vaccine: the US dollar was flat on Tuesday, while gold fell in range fluctuations.
The loose monetary policy of the Federal Reserve and global central banks and the prospect of further relaxation, the stagnation in the US general election has not been completely broken, the epidemic is still spreading in the short term, and the Gold still rests on the fundamentals.
From a technical point of view, gold has key support at the US $ 1850 line and tries to build a bottom above this support. If gold breaks above US $ 1885, it is expected to expand its positive side. Resistance above gold refers to $ 1890 and $ 1907; the key supports below gold are at US $ 1870, US $ 1860 and US $ 1850; If gold falls below $ 1,850, it can drop further to the $ 1,800 mark.
(The views above are for reference only, not as specific investment advice)
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