• 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: xStation5This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
