SMM: November 23, early last week, due to the Pfizer vaccine, gold fell sharply, but failed to fall below the support of the 1820 mark, and then rebound in shock, and finally closed around 1870, the weekly line Xiaoyin closed.
After the opening of trading on Monday, gold rebounded quickly after dipping 1868, and as of afternoon press release, gold was quoted at $1874.5 an ounce.
As the Thanksgiving Day in Europe and the United States is approaching, the news in the market this week is light, so it is recommended to keep an eye on the progress of the US stimulus package PMI figures for manufacturing and service industries in Europe and the United States will be released on Monday.
The US Treasury Secretary helped boost the stimulus bill, and gold broke through 1870.
Last week, Mestre and other officials of the Federal Reserve said one after another that the Fed had no intention of further easing for the time being, but urged both parties and Congress to promote the stimulus package as soon as possible.
On November 20, US Treasury Secretary Mnuchin said that in the face of the impact of the novel coronavirus epidemic, the US Treasury and the Federal Reserve have enough ammunition to continue to support the economy!
When talking about the stimulus package negotiations, he also said that he would soon discuss with Senate Majority Leader McConnell and House Republican Leader McCarthy how to deal with House Speaker Pelosi and Senate Democratic Leader Schumer to reach an agreement as soon as possible.
On Thursday, local time, according to foreign media reports, U.S. Senate Democratic Leader Schumer said that majority (Republican) leader McConnell has agreed to resume negotiations on the financial rescue plan after the number of new cases of novel coronavirus is increasing by more than 160000.
Subsequently, Schumer held a press conference in New York on Thursday, saying that an agreement had been reached with McConnell the night before, and that staff of both sides would sit down on Thursday or Friday to discuss the possibility of reaching an epidemic relief agreement.
It is worth noting that the Senate will be in recess on Wednesday because of the Thanksgiving holiday. According to the current situation, even if the negotiations between the two sides go smoothly, it is difficult to introduce the relief bill within a short period of time.
The comments of the US Treasury Secretary hinted that the United States may continue to implement large-scale fiscal and monetary stimulus policies in the future, inflationary pressures surged and short-term gold shot up the 1880 mark. However, the stimulus package will not be able to land in a short time, and gold has a high probability of huge earthquakes in the short term.
Wall Street continues to be bullish on the downward trend of the dollar, and gold has no room to fall in the medium to long
Last week, the dollar index fluctuated slightly in the 92.8-92.2 range, but showed fatigue, and support at the lower 92 level was in jeopardy.
On Thursday, Labor Department data showed that initial jobless claims rose for the first time in five weeks, while Commerce Department data showed that U.S. retail sales grew at the slowest pace in six months in October.
Federal Reserve official Kaplan does not rule out another recession, pointing out that the resurgence of the epidemic will make it difficult to grow this quarter and early 2021.
Wall Street's warnings against the dollar are also getting louder. Mohit Bajaj, director of, WallachBeth Capital, said the withdrawal of investors from bullish dollar funds reflected continued bearish sentiment on the dollar. Several analysts predict that the dollar will continue to decline with the advent of 2021.
