Gold price was the other focus on Monday as it tumbled over 5%, as much as $100 per ounce, after the positive development result. The sell-off pressure was mainly related to the risk appetite in the whole financial market, that significantly lower the safe haven demand for Gold. Furthermore, the news lowered the dovish expectation from Fed, even the other central banks, a more aggressive approach in the monetary policies, boosting the greenback. The dollar index bounced back from around 92 level, steadied at around 92.7 on Tuesday.
ZFX analyst Jacob Leung said that, the weak dollar showed risk-on condition in this moment, but be aware that it may be a very volatile week, especially the NFP is coming ahead, and the arguments regarding the US election have arisen.
نرى على الشارت اليومي للذهب صعود طفيف مع بداية الاسبوع وايضا بداية الشهر لاختراق سعر 1895 والان يتداول عند سعر 1887 ويحاول الوصول الى
ZFX analyst Jacob Leung said that, the market may be reacting on Trump’s win. The first thing we can expect is that the China-US tensions may be rapidly escalated next year, no matter in economic, political, military and technological aspects.
Over these days, there were no new market watch in the financial market. Generally, markets were running in a ranging pattern, with no bullish or bearish driver dominated. Of course, the US election is the most eye-catching. The coming Presidential debate is the key focus this week on 22th Oct. ZFX analyst Jacob Leung said that, it would be a “super” battle as it is the last debate. The recent polls showed that Biden’s support was weakened by the “email scandal＂of his son, Hunter Biden. Investors are paying close attention to the issues and how the coming polls is going.
Such bad news took a hard hit to Wall Street on Tuesday. The Dow closed down 1.34%, the S&P 500 lost 1.4% and the Nasdaq dropped the most, 1.57%. In the earlier US trading session, all three indexes were higher as investors were optimistic over the stimulus package, especially under the severe coronavirus outbreak situation.