In the 2024 U.S. presidential election counting, Republican candidate Trump leads with 248 votes against Harris's 216 votes, needing 22 more votes to declare victory. On Wednesday (November 6), Bitcoin continued to hover above $54,500, the dollar index surged to 105.02, maintaining strength, while gold was the exception among the broadly declining commodities, with gold prices remaining resilient at $2,738.
U.S. Election Result Update: Trump leads Harris with 248 votes to 216.
Bloomberg reports that the Republican Party has gained control of the U.S. Senate, with Trump leading in the presidential race.
Harris has won California, Colorado, Connecticut, Delaware, Washington D.C., Hawaii, Illinois, Maine's 1st District, Maryland, Massachusetts, Nebraska's 2nd District, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, Virginia, and Washington.
Trump has won Alabama, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming.
Of the 7 key battleground states, 2 have been nominated to support Trump: Georgia and North Carolina.
The Republican Party has gained control of the U.S. Senate, giving them significant influence in future high-stakes tax and spending battles.
Although about half of the ballots in Arizona have not yet been counted, Trump slightly leads Harris in the state, but voters also maintain their reputation for independent thought. In the U.S. Senate race, Democratic Congressman Ruben Gallego is far ahead of former TV anchor Kari Lake, who supports Trump’s policies.
Arizona voters seem likely to approve a voting measure that enshrines abortion rights in the state constitution while also allowing local law enforcement to arrest and deport immigrants.
Trump won the fiercely contested state of Georgia and its 16 electoral votes. Biden narrowly defeated Trump in 2020. Trump won Georgia in 2016.
One of the biggest winners tonight is Bitcoin and the cryptocurrency industry, which aims to defeat Senate Banking Committee Chairman Sherrod Brown. The super PAC 'Defend American Jobs' spent over $40 million to replace the crypto-skeptical Brown with ally Bernie Moreno and attributes Brown's failure to itself.
The organization stated in a press release: "Elizabeth Warren's ally Sherrod Brown is the primary opponent of cryptocurrency, and due to our efforts, he will leave the Senate."
As European traders are about to join the competition, here’s how commodities are trending, with Trump’s presidential prospects rising, leading to a stronger dollar.
As the dollar becomes the focus, crude oil prices fell by more than 1%, against the backdrop of concerns that the market fundamentals in 2025 will be significantly weak.
Copper prices fell more than 1%, and the other five major base metals traded on the London Metal Exchange also softened.
Agricultural raw materials are also under downward pressure. Among them, soybean prices have fallen due to market concerns that Trump’s election victory will increase the likelihood of a trade war with China.
At least for now, there is one exception, which is gold. Despite the strengthening dollar, gold is currently holding steady, recovering from the early session's fluctuations.
Dollar Technical Analysis
FXEmpire analyst Muhammad Umair states that the daily chart of the dollar index shows strong fluctuations near the resistance area before the U.S. election results are announced. The index fell below the 200-day moving average on Tuesday but rebounded on Wednesday. As the results of the U.S. elections are revealed, they may bring significant volatility, leading to two-way large fluctuations. If it breaks above 104.70, the index may rise to 105.60. Conversely, a drop below 103.90 indicates a drop to 102.20.
The 4-hour chart shows prices fluctuating within a symmetrical expanding wedge pattern. Over the past week, the index has been consolidating within this wedge. A breakdown below 103.60 could push the index to lower levels. The RSI indicates that despite the overbought situation, the strong and sustained price increase in October may lead to a decline in November to compensate for the increase. If Trump wins, the dollar could soar to the resistance level of 105.60 on the daily chart.
Gold Technical Analysis
Umair points out that the daily chart of gold shows that before the U.S. election results are announced, gold prices are consolidating in the resistance area. The price touched the red dot trendline at $2,790 and began to consolidate lower. If the price remains above the 50 SMA, the trend will remain strongly upward.
However, the recent pullback from $2,790 is due to the overbought situation indicated by the RSI. Prices continue to trade within an expanding wedge pattern, with strong support levels in the spot gold market at $2,690 and $2,569. The black dashed trendline on the daily chart highlights these support levels.
The 4-hour chart shows prices pulling back from the resistance level of the ascending channel at $2,790. The RSI indicates that prices may fall further before confirming short-term support levels. The support level of the ascending channel also validates the daily support level of $2,690 on the daily chart.
Bitcoin Technical Analysis
Economies.com reports that Bitcoin opened strong in the Asian market, reaching a historic high of $73,817.90, moving towards a positive target. "We expect to reach $76,000, followed by the $77,500 area as the next positive position."
"Therefore, an upward trend is expected in the coming trading days, and note that if it fails to solidify above $73,817.90, it will exert negative pressure on the price and may begin a new bearish correction wave, followed by a pullback to restore the long-term bullish trend."
"The expected trading range on Wednesday is between the support level of $73,500 and the resistance level of $77,500."
