We are starting to see a clearer picture of the US election, as Joe Biden has won in Wisconsin and Michigan. Bookmakers are pretty sure he will also grab Pennsylvania thanks to the postal votes while he has a chance to also overturn Georgia and a small advantage in Arizona. In a few words, he is getting closer and closer to victory. It looks as though market expectations will prove accurate, albeit after 24 hours of suspense.
Stocks are in green, while the greenback is slowing down. This scenario is supporting gold, with the spot price jumping above $1,910. A clear climb above $1,930 would open space for further recoveries. But regardless of the name of the new US president, which now seems to be decided, the environment for gold will remain positive as central banks are forced to continue printing money to support economies. This scenario is not likely to change in the short term and would be similar with either a Democrat or a Republican in the White House.
