What will happen? Intel, the US IT company, will present its earnings report for the second quarter on July 22 after the stock market closes (23:00 GMT+3)…
Election may push gold up
Information is not investment advice
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards. Analysts from JPMorgan expect the yellow metal to make a 5% spike on a “blue wave”. This term refers to the United States Democratic party's success. Actually, national polls showed that Joe Biden leads the election race. However, the last word is for the Electoral College and it may be different from what the majority of Americans think. If he really wins, it may hit markets, - JPMorgan claimed. He is planning to impose higher taxes, which will lead to negative investors’ reactions. And, that situation should increase the demand for gold!
At the same time, this jump in gold prices will be short as Democrats also pledged to impose the larger fiscal stimulus, which will boost economic growth and as a result will improve the sentiment and underpin riskier assets. Besides, if Trump wins, the USD will surge and gold will drop. So, in any case, the long term is bearish for gold, according to JPMorgan.
JPMorgan’s forecast shortly
To sum up, if Biden wins – gold will rise in the short term, but then fall in the long term. Otherwise, if Trump wins – gold will fall.
XAU/USD bounced off the key resistance of $1 912 and broke through the support of $1 900 at the 23.6% Fibonacci retracement level. Now it may drop to the low of October 13 at $1 890 and then to the next support of $1 875. Otherwise, the move above $1 912 will drive the yellow metal to the high of October 21 at $1 925, but be cautious as there are upper trendline and the 50-day moving average that constrain gold’s rally up.
What will happen? Twitter, the US IT company, will present its earnings report for the second quarter on July 22 after the stock market closes (23:00 GMT+3)…
EV’s market is going to explode in the 2020s By the end of 2020, there were 10 million electric cars registered in the world…
What happened? Brent returned to the rising channel on Wednesday by gaining 4% during the trading session…
When Twitter Inc. and Snap Inc. posted quarterly revenue that blew past analysts’ expectations, the results bumped up the shares of the two of their larger rivals: Facebook Inc. and Alphabet Inc.
EUR/USD managed to rise for a very short period of time right after the ECB decision to as high as 1.1798 before declining and giving away its entire gains.