News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • If the market's speculative leaders and its once-leading speculative catalysts can't reinvigorate a well-established bull trend, something significant is anchoring us
  • curious to see the results on this poll 👇 https://t.co/Yd0YgmUky5
  • We are now less than two weeks away from the US Presidential Election 🇺🇸. What do you think the #FX market impact will be?
  • Pelosi says 'just about there' on relief deal - BBG
  • $CSX - the rail shipping company that I consider a good proxy to growth - managed announced its $5 billion share buyback last night, which is cat nip to stocks, and it too can't follow through on its opening gap
  • Tesla offered up an earnings beat last night and the speculative favorite that is up 412% (!) on the year is spinning its tires today in the aftermath
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.19% 🇨🇦CAD: -0.03% 🇯🇵JPY: -0.21% 🇦🇺AUD: -0.26% 🇪🇺EUR: -0.34% 🇬🇧GBP: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UHRqYP6B9B
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.20% France 40: -0.54% Wall Street: -0.56% US 500: -0.56% Germany 30: -0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/4jhGSElskq
  • Though the US government continues to string the markets along with hopes of a stimulus that are consistently pushed out, risk appetite is holding up. That said, it is one of the principal interests right now; so I wouldn't bank on complacency holding forever... https://t.co/BESRl3MnA6
  • This week has seen a remarkably firm Euro as markets continued to price in a democrat sweep, which has largely been characterised by short USD trades. Get your market update from @JMcQueenFX here:https://t.co/brtM6GzysQ https://t.co/8FbbfQTT3v
XAU/USD, Equity Markets Anxiously Eye First Presidential Debate

XAU/USD, Equity Markets Anxiously Eye First Presidential Debate

2020-09-29 23:00:00
Dimitri Zabelin, Analyst
Share:

2020 Election, First Presidential Debate, Fiscal Stimulus, Gold Price Outlook - Talking Points

  • Investors suspended in uncertainty ahead of the first US 2020 presidential debate
  • Ongoing fiscal stimulus talks between Republicans and Democrats also in focus
  • XAU/USD may rise though gains may be capped at familiar resistance at 1969.19

35 DAYS UNTIL THE US PRESIDENTIAL ELECTION

Investors have been anxiously waiting for the first round of the 2020 US presidential debate between Democratic nominee Joe Biden and incumbent President Donald Trump. The debate will be occurring from 9:00-10:30 PM ET at Case Reserve University in Cleveland with Fox News anchor Chris Wallace serving as themoderator. For a more in-depth look at the debate, see my comprehensive preview here.

2020 US Election Polls

Chart showing 2020 election polls

Source: RealClearPolitics

Election polls continue to show Mr. Biden in the lead, though the most recent data from Harvard-Harris shows a significantly-smaller margin than the typical 7-point lead he has held for the past few weeks. Having said that, other polling agencies indicate the former Vice President still maintains a comfortable lead over his opponent.

Forex for Beginners
Forex for Beginners
Recommended by Dimitri Zabelin
Forex for Beginners
Get My Guide

While typically debates do not have an overwhelming impact on voter intentions, the controversial nature of this election amid volatile times could impact the polls. The recent news about Mr. Trump having only paid $750 in taxes in 2016 and 2017 may hurt his chances of re-election. One way he may be able to offset this complication is if he is able to outperform Mr. Biden

Meanwhile, US fiscal stimulus talks between Republicans and Democrats remains at the front of every investor’s mind as the urgency for more aid grows by the day. The latter group is drafting a $2.4 trillion relief bill, which, while smaller than the over $3t aid in March is still $1t over what the Trump administration is willing to sign. How that is resolved may have a significant impact on equity markets.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Dimitri Zabelin
Improve your trading with IG Client Sentiment Data
Get My Guide

Signs of coordination among policymakers and revived hope of additional stimulus may buttress risk appetite and push equity markets higher. Haven-linked assets like the US Dollar may fall and commodities like gold could rise as a function of a weaker Greenback. Conversely, bipartisan intransigence may see this dynamic reverse.

Gold Price Analysis

Gold prices are coming up against former support-turned-resistance at 1899.77 after falling over 4.50 percent following their break below what appeared to be a Symmetrical Triangle pattern. Puncturing resistance could open the door for further gains, though XAU/USD’s ascent may be capped at the lowest of three major shelves at 1969.16 with the other two above it at 2001.93 and 2069.77, respectively.

XAU/USD - Daily Chart

Chart showing XAU/USD

XAU/USD chart created using TradingView

--- Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or@ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES