Gold prices fight for altitude as prospect for ‘blue wave’ fiscal-aid package in Congress seen dimming

Gold prices fight for altitude as prospect for ‘blue wave’ fiscal-aid package in Congress seen dimming

Gold bounces around the day after the U.S. general election Gold futures early Wednesday were under pressure as the 2020 race for the White House and Democratic majorities in the Senate looked uncertain, and the prospects of a substantial fiscal aid package, which might bolster the bullish case for bullion, appeared to be diminished.

Commodity investors are also awaiting the Federal Reserve’s latest policy update on Thursday in the wake of the tight election race.

“Gold prices did not get a ‘blue wave’ that was supposed to reignite the longer-term bullish trend,” wrote senior market analyst Edward Moya at Oanda in a note.

U.S. election day results haven’t revealed a clear winner between incumbent Donald Trump and the Democratic challenger and former Vice President Joe Biden, with a number of key states still too close to call and mail-in ballots due to the coronavirus pandemic lengthening the process of tabulating state returns.Key […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet