Gold jumps as Washington shifts and the dollar softens

Welcome to Venor News, New York Edition. I'm Gracy Skai.

Gold is sharply higher today.

The dollar is weaker, Reuters reports.

The Wall Street Journal reports futures turned higher after the Democratic sweep.

Bitcoin edged up. Separately, an SEC crypto rulemaking is taking shape.

First, currencies. Euro-dollar is up 0.59 percent and the pound is up 0.60. Dollar-yen is down 0.17 percent. The Aussie dollar is up 0.77 percent, the biggest currency mover. The dollar is softer across the board.

Our number of the day: 6.9 percent. That's how far US crude oil has fallen this week.

Gold is the big mover. It is up 2.93 percent today and 4.15 percent this week. The daily trend is still down, and the four-hour structure has turned up. Today's range is already 190 percent of a normal day's range. CNBC reports Democrats flipped Congress in a blue wave. The Wall Street Journal reports Treasurys strengthened after the Democratic sweep. Separately, Reuters reports the dollar slid to a one-month low as Democratic gains stoked AI regulation fears. Traders now watch today's ISM services survey.

Bitcoin is up 0.88 percent today and 0.90 percent this week. Ethereum is stronger, up 1.66 percent. Bitcoin's longer-term structure points down, and the four-hour picture is ranging. The SEC has proposed a new rulemaking on crypto assets, according to White and Case. That could reshape US trading and compliance.

The key number today is the US ISM services survey at 10:00 New York time.

Finally, at the time of this recording, our live barometer showed: gold is clearly bullish, pound-dollar leans bullish, and dollar-yen leans bullish. For short-term sentiment, watch Market Pulse on our website. And our Session's Briefing goes out before every session on our Telegram channel, Venor Analysis. Scan the code on your screen to join.

That's all from Venor News. Goodbye, and happy trading.