Trump's Impeachment May Affect Gold

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Trump's Impeachment May Affect Gold

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After experiencing resistance, gold continued at $1845. The 10-year U.S. Treasury yield retraced its gains, prompting the greenback to reverse its upward probe and limiting gold. There is optimism that President-elect Joe Biden will adopt fiscal stimulus measures, which will affect the gold market. At the same time, President Trump’s impeachment and added security measures for next week’s inauguration ceremony are expected to guide investors.

As of 08:46 a.m. (GMT+8), gold prices rose to $1847.60, by 0.16%.

The U.S. House of Representatives has sufficient votes to pass a vote to impeach President Trump. He will be the first U.S. president to be impeached twice while in office in U.S. history. The House of Representatives stated in their four-page impeachment clause that the president has urged his supporters to protest the results of the November 2020 election with months of false claims. 

Meanwhile, the U.S. Department of Labor has released its December Consumer Price Index showing a rise of 0.2%, up 0.4% from November. RJO Futures senior market strategist Bob Haberkorn says gold prices have drawn support higher-than-expected inflation, expectations of investors for more stimulus measures and safe-haven buying. 

A strength of the greenback will curb gold prices while the U.S. 10-year Treasury bond yield hovers near its 10-month high. Gold is commonly considered a hedge against inflation and the devaluation of currencies. Extensive stimulus measures may cause inflation and currency devaluation. Higher bond yield has challenged this position recently as the opportunity cost of holding non-yielding gold bullion increased. 

Gold price was unable to advance with sideways trade and encountered resistance near $1867, the 50-day moving average. Support is near the rising trend line near $1815. Fast stochastic indicators continue to accelerate lower and momentum for the short-term has turned negative. Medium-term momentum has also turned negative as the moving average convergence divergence (MACD) line generates a cross-sell signal. 

FOLLOWME XAU/USD Overall Sentiment (As of 10:09 a.m., Jan 14, 2021)

Short - 50.07%

Long - 49.93%


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