An explosion caused by a police munition at the Capitol Building, January 6. REUTERS. Image source: Leah Millis, reuters.com
The last 24 hours have proved quite tumultuous for American democracy, as disgruntled Donald Trump supporters marched on the Capitol Hill in Washington in an attempt to prevent the Senate from accepting the decision of the Electoral College.
In graphic scenes from yesterday, rioters could be seen clashing with police across the Capitol complex, breaking glass, and waving Confederate flags within the very heart of American democracy.
President-Elect Joe Biden addressed the nation in a bid to calm tensions. He urged Donald Trump to decry the acts of riotous dissent and remind his supporters of the need to obey the established democratic principles.
While the President did not openly make such remarks, he used his Tweeter account, before it got suspended, to ask "everyone at the U.S. Capitol to remain peaceful".
I am asking for everyone at the U.S. Capitol to remain peaceful. No violence! Remember, WE are the Party of Law & Order – respect the Law and our great men and women in Blue. Thank you!
— Donald J. Trump (@realDonaldTrump) January 6, 2021
Regardless of the ongoing tensions at Capitol Hill and Trump's continuous refusal to concede, today's certification of Joe Biden's Presidency at the U.S. Senate means that he will be inaugurated as the 46th President on the 20th of January.
Meanwhile, markets reacted to but were not greatly impeded by, the strife in Washington. Gold rose nearly 30 dollars per troy ounce at the height of the tensions, but the safe-haven now looks poised to continue depreciating, as per our earlier projections.
As can be seen on the 15 Min chart below, the price action rebounded from the psychologically significant support at 1900.00 and went on to appreciate to the 23.6 per cent Fibonacci retracement level at 1927.24.
The resulting Flag pattern represents an intermittent component of the structure of a broader downtrend that has recently begun to emerge. Provided that the price action does not break out above the Fibonacci resistance, it would be able to test the 1900.00 support once again.
As can be inferred from the MACD indicator, the underlying momentum continues to favour the market bears.
Gold 15 Min Price Chart. Image source: Trendsharks ©, created with TradingView.com
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