Joe Biden, gives up re-election, USD is temporarily supported
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US President Joe Biden on Sunday abandoned his difficult re-election bid under growing pressure from members of his Democratic Party and endorsed Vice President Kamala Harris to succeed him as party candidate on November 11.
Biden will face Republican candidate Trump in the presidential race in the November election. If officially nominated, Harris, 59, will become the first black female presidential candidate of the major parties in American history.
“Kamala Harris, as a potential Democratic presidential candidate, her policy ideas cover many areas such as tech regulation, big tech companies, climate and energy. quality as well as artificial intelligence.”
If former US President Trump wins a second term, Trump's tariff stance will have a major impact on the market (Trump is known as the US President with a harsh tariff stance, demonstrated by his term in office). Trump had a trade competition with China, which had a deep impact on the market and major fluctuations continuously occurred. During this period, the admin also had to monitor each status line of "this President, very tired".)
1. If Trump is elected, precious metal gold and silver may come under temporary pressure as the Dollar strengthens from Trump's harsh tariff stance. In this context, the Dollar should be considered a safe haven and continue to be promoted.
2. Even if Trump is elected, gold prices are still unlikely to sustainably decline or, more accurately, have a long-term fundamental downward trend by central banks such as the Federal Reserve and Banks The European Central Bank, along with many other major Central Banks, will enter a cycle of cutting interest rates.
For this orientation, gold may be temporarily under pressure because the possibility of Trump being elected is very high. According to Bloomberg, Trump's success rate of returning to the White House is more feasible than most other candidates. . In a context where Joe Biden, the representative of the Democratic Party, has given up his difficult re-election effort.
However, this impact is not a long-term impact because the Fed's interest rates will have to be cut gradually, and of course this is beneficial for gold prices in the medium and long term.
The gold price target will continue to be focused on the $2,500 mark, and technical analysis and more market information readers can review in the weekly publication linked below.
![GOLD MARKET ANALYSIS AND COMMENTARY - [July 22 - July 26]](https://s3.tradingview.com/t/thwA523Q_mid.png)
Biden will face Republican candidate Trump in the presidential race in the November election. If officially nominated, Harris, 59, will become the first black female presidential candidate of the major parties in American history.
“Kamala Harris, as a potential Democratic presidential candidate, her policy ideas cover many areas such as tech regulation, big tech companies, climate and energy. quality as well as artificial intelligence.”
If former US President Trump wins a second term, Trump's tariff stance will have a major impact on the market (Trump is known as the US President with a harsh tariff stance, demonstrated by his term in office). Trump had a trade competition with China, which had a deep impact on the market and major fluctuations continuously occurred. During this period, the admin also had to monitor each status line of "this President, very tired".)
1. If Trump is elected, precious metal gold and silver may come under temporary pressure as the Dollar strengthens from Trump's harsh tariff stance. In this context, the Dollar should be considered a safe haven and continue to be promoted.
2. Even if Trump is elected, gold prices are still unlikely to sustainably decline or, more accurately, have a long-term fundamental downward trend by central banks such as the Federal Reserve and Banks The European Central Bank, along with many other major Central Banks, will enter a cycle of cutting interest rates.
For this orientation, gold may be temporarily under pressure because the possibility of Trump being elected is very high. According to Bloomberg, Trump's success rate of returning to the White House is more feasible than most other candidates. . In a context where Joe Biden, the representative of the Democratic Party, has given up his difficult re-election effort.
However, this impact is not a long-term impact because the Fed's interest rates will have to be cut gradually, and of course this is beneficial for gold prices in the medium and long term.
The gold price target will continue to be focused on the $2,500 mark, and technical analysis and more market information readers can review in the weekly publication linked below.
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🪙BUY XAUUSD | 2390 - 2392
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➡️After Biden withdrew from the presidential race... Get to know the most prominent potential candidates against TrumpYesterday, Sunday, the President of the United States of America, Joe Biden, announced his withdrawal from the presidential elections in the United States, which are scheduled to be held next November, after Biden was subjected to strong pressure to leave the presidential race, especially after the primary debate hosted by CNN last month, which ended in favor. Republican candidate Donald Trump wins.
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World gold prices tend to recover after falling in the previous session, losing the mark of 2,400 USD/ounce right after Joe Biden announced he would not run for the next US presidential election.Previously, analysts predicted that after a sharp decline from a peak of 2,482 USD/ounce, gold could witness another sharp decline at any time, when the overbought volume is dominating, especially in if it falls below the psychological mark of 2,400 USD/ounce.
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🟡Gold rises as investors await US economic dataGold prices rose today, Tuesday, as the dollar continues to decline, while investors await US economic data this week that may clarify the US Federal Reserve’s timetable for reducing interest rates.
Gold rose in instant transactions by 0.2%, recording $2,401.22 per ounce. US gold futures rose 0.4% to $2,403.60.
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Data released Tuesday from the US National Association of Realtors showed the number of home sales contracts fell 5.4% from May to 3.89 million units per year. This is the fourth consecutive decrease of this index. The slowdown comes as home prices hit another record in June, with the median sales price rising 4.1% to $426,900 per unit. Surprisingly, prices are still rising even as supply has poured into the market in recent months, but home inventory remains at historically low levels.Not
World gold prices reversed to increase in the previous session, ending a 4-day losing streak as investors waited for US economic data to be released later this week for more information on the interest rate cut roadmap. interest rate of the US Federal Reserve (Fed).Not
🔴Gold rises before important data, and breaking this resistance will push it to a new levelGold prices rose on Wednesday, as investors awaited US economic data that may affect the schedule for interest rate cuts by the US Federal Reserve.
Investors are anticipating key US data this week, including the second-quarter GDP reading on Thursday and the June Personal Consumption Expenditures price index figure on Friday, to provide further signals on the timeline for interest rate cuts.
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Gold plummeted below 2,375 USD during the Asian session Gold price is trading at around $2,375, after falling sharply to $2,370 as bulls failed to defend the $2,400 level.
There are no new catalysts behind the move. Markets await US GDP data released tonight and core PCE data to appear tomorrow.
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Gold prices increased 1% on Friday (July 26), as US Government bond yields fell due to optimism that the US Federal Reserve (Fed) will lower interest rates in September, after data showed that inflation in the US increased slightly in June.
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