• Investors continue to wait for the results from the US presidential election
• US crude inventories fall the most in 2 months
US indices are trading higher led by Tech-stocks. Early vote count pointed to a close race for the White House as there's no clear winner yet and ballots continued to be counted in many states. At the moment, results showed that Biden swept up 238 electoral votes while Trump picked up 213 votes and won Florida, Texas and is leading in Pennsylvania, North Carolina and Georgia. Biden win Wisconsin and is leading in Nevada, Arizona and Michigan. Earlier, Trump tried to claim victory in a speech at the White House. According to report from Fox Business, Trump is preparing to send in attorneys and contest election results in the remaining states. "Good chance we won’t know president for another month. Still odds are long for Trump winning, Fox Business add. Meanwhile chances faded for Democrats to take over the Senate, lowering the prospects of higher antitrust scrutiny and capital gains taxes. These news are beneficial for major tech-companies. Amazon, Apple and Microsoft stocks all rose least 3%. Facebook is trading 7% higher, while Google-parent Alphabet jumped more than 6%. Meanwhile the number of coronavirus hospitalizations in US surpassed 50k, the highest level since August 7th. Number of new COVID-19 infections continue to rise across the country, with Pennsylvania, Wisconsin, Idaho, Ohio, Minnesota, New Mexico and Maine all reporting record-high daily figures on Tuesday.
U.S. crude futures are trading 3.2 % higher, while the international benchmark Brent contract added 3.5 % amid a big drop in US crude inventories. EIA data showed US crude stocks fell by nearly 8 million barrels in the latest week, the biggest decline in 2 months. Yesterday, API report also showed a huge draw in crude oil inventories. Elsewhere, gold futures are trading 0.38% lower around $1,900/oz, while silver fell 0.9% and is trading around $23.94/ oz.
GOLD – pullback started after buyers failed to break above the major resistance level at $1920 /oz which is additionally strengthened by 50 SMA (green line ) and downward trendline. Should current sentiment prevails, support at $1865.70 may come into play. Source: xStation5The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
