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The electoral situation in the United States is already clear. Trump said on Twitter for the first time that Biden won the election, but at the same time insisted it was a rigged election. Biden’s team has already started their post-employment work, especially on the epidemic, and his team has started meeting with drug companies, including Pfizer.
On this trading day, spot gold opened at US $ 188.27 per ounce, the highest reached US $ 1898.21 per ounce and the lowest reached US $ 1886.57 per ounce. At press time, it temporarily registered US $ 1,896.06 per ounce, an increase of 0.39%.
Spot gold trend
Spot gold rallied last Friday, but due to the big drop earlier in the week, the weekly close did not change. At the beginning of the Asian market this trading day, spot gold rose slightly, trying to break above $ 1,900. The analysis believes that as long as the price of gold can remain above US $ 1,860, bullish expectations can be maintained and once it exceeds US $ 1,901, bullish expectations can consolidate further.
Market overview
[Tipo de cambio]The US dollar index fell last Friday. The Australian dollar and the British pound led the rise due to a return in market risk appetite. However, the yen, which is generally considered a safe haven, also rose. At the start of Asian trading on this trading day, the US Dollar Index remained temporarily weak. [Metales preciosos]Precious metals fluctuated significantly last week because they were suppressed by positive news about vaccines earlier in the week. Last Friday, spot gold renewed its nearly four-day high at $ 1,896.82 an ounce. The surge in US stocks caused the US dollar to weaken again. Tai Wong, head of capital markets for metal derivatives trading at Bank of Montreal, said the dollar gave up some of its weekly gains, helping to amplify the gold buying effect. [Mercado de valores]The US stock market closed higher last Friday. The S&P 500 and Russell 2000 set all-time highs. The Dow Jones Industrial Average rose to pre-epidemic levels; the S&P 500 Index rose collectively; the Nasdaq 100 index lagged behind. For other major stock indices. Keith Lerner, chief market strategist at SunTrust Private Wealth Management, said the US stock market is about to usher in a “digestive period.” [Mercado del petróleo]US oil fell more than 2% last Friday, setting a three-day low at $ 40.06 / barrel; Due to the new corona epidemic, demand may be derailed, and the EIA said US crude oil inventories rose unexpectedly last week; But earlier that week news of the advance of the vaccine at that time energized the market and triggered a weekly rise in oil prices, with US oil rising 7%. As for the oil market this week, what needs attention is the meeting of the joint ministerial monitoring committee (JMMC) of OPEC +.Fundamental concerns
[Trump: esta es una elección amañada]Although the situation in the US elections is very clear, Trump has always refused to admit defeat. CNN, NBC and the New York Times reported on Friday (November 13) that Biden won the Georgia election. His final vote reached 306 votes, compared to 232 votes for Trump and Trump in 2016. He beat Democrat Hillary Clinton at the same rate in 1991. This shows that Trump has lost by a wide range of votes.
On November 15 local time, Trump first admitted that Biden had won the US presidential election, but then made further claims that the electoral process was rigged and vowed to continue to challenge the results of the US election. He tweeted: “He (Biden) won the election because the election was rigged.” Then he wrote: “He only won the election in the eyes of the media that promote false information (Fake News). I can not admit anything. We still have a long way to go. This is a rigged election.”
Trump resumed allegations of election fraud and irregularities, namely election theft, a malfunctioning voting system, and a lack of election observers (DHS). The United States Cyber Security and Infrastructure Security Agency (CISA) stated in a joint statement on Thursday (November 12): “The November 3 US elections were the safest in US history. Currently It is nationwide. Election officials are carefully reviewing and reviewing the entire electoral process before determining the final result. “
[Fauci dijo que el número de muertos puede llegar a 430.000. El equipo de Biden se reunió con compañías farmacéuticas]Last week, the number of new corona infections rose in the United States and the increase remained at a high level of more than 100,000. In this regard, the American anti-epidemic expert Fauci said that wearing masks and maintaining safe social distancing are really very important. Despite repeated emphasis, many Americans have not begun to take it seriously and the launch of the vaccines is about to be ready. If you start now All American citizens wear masks and maintain a safe social distance, and the situation can still be reversed. Dr. Fauci also believes that it is necessary to implement a national policy to force citizens to wear masks, otherwise, it is estimated that by March 1, 2021, the number of deaths from new coronary pneumonia in the United States will reach minus 439,000. The death toll from the new crown in the United States currently exceeds 250,000.
Although it will be some time before the unveiling, Biden’s team has already started related work. His chief of staff said Sunday that Biden’s team continues to prepare for the transition of the new government. As the epidemic intensifies, they will begin meeting with drug companies like Pfizer in a few days. Ron Klain said on NBC’s “Meet the Press” show: Our top scientific consultants will hold meetings with officials from these pharmaceutical companies, not just from Pfizer, but also from other promising vaccines. We will start this week. Query. The media cited people familiar with the matter last week and reported that consultations between Biden’s consultants and the drug company had started even before the election.
Spot Gold Outlook
Spot gold is currently in a consolidation range, because the fundamental news still lacks clearer guidance. This week, the market focus is still on some uncertain transactions around the progress of the UK-EU trade talks, vaccines and the US general election.
Edward Meir, an analyst at ED&F Man Capital Markets, said there have been some changes in the psychology of the market. There have been some changes. People realize that the large-scale launch of vaccines will take time, but the demand for vaccination is imminent. The fact that no stimulus measures are introduced appears to be limiting the scope for rising gold prices. If Congress really does propose a limited plan, it would be beneficial.
The well-known financial information website Economies.com wrote in the last article:The price of gold showed a clear uptrend last Friday, and was close to the first target price waiting of $ 1,901.80 an ounce, thus consolidating the expectation of a continued uptrend in gold prices. According to the article, once it exceeds $ 1,901.80 per ounce, the price of gold will continue its uptrend and will hit the next target of $ 1,934.86 per ounce. Unless the price of gold falls below $ 1,690.90 per ounce and remains below this level, bullish expectations will remain valid.
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