Gold was slightly up on Friday morning in Asia, with U.S. President-elect Joe Biden’s unveiling of a massive $1.9 trillion COVID-19 relief plan and Federal Reserve Chairman Jerome Powell’s commitment to keep monetary policy dovish giving the safe-haven asset a boost.
Oil prices were mixed on Friday as strong import data from China, the world’s biggest crude importer, that boosted sentiment earlier ran into concerns about Chinese cities in lockdown due to coronavirus outbreaks.
President-elect Joe Biden outlined a $1.9 trillion stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.
The Dow closed lower after rising to intraday highs Thursday as losses in technology stocks offset gains in value stocks ahead expectations that President-elect Joe Biden will unveil a more than $1 trillion fiscal package to boost the economy.
Asian shares rose on Friday, brushing off a late Wall Street dip as expectations of large U.S. stimulus under President-elect Joe Biden shored up sentiment while oil prices perked up on upbeat Chinese trade figures.
Complete 5-wave pattern. Break might be to the downside. Keep an eye on an earnings update around +/- 26 January 2021.