Everyone knew this would happen when a vaccine was announced....

Everyone knew this would happen when a vaccine was announced. However, quite frankly vaccine news doesn't change anything within the scope of the next 6 months where there will be further stimulus pumped into the economy worldwide, it doesn't change the fact that the US is in a ridiculously large amount of debt, it doesn't change the outlook for unemployment struggles which will still be existent due to business hardship created as a result of lockdowns. There are long term headwinds which will appreciate the price of gold over the next 6 months and longer, this news has pushed the breakout back to levels of support where it will sit for a while and by the end of the week people will have pushed this news aside and continue to look at the longer term outlook of things.

Biden being elected is better for the price of gold as he is likely to flush more money into the economy than Trump due to his policies, he is more likely to drive up the deficit even more than Trump has (who has added $7 trillion) because he doesn't have much choice but to spend and print in the short term. The US is a ticking time bomb and gold will thrive until economies turn the corner without stimulus, or crazy amounts of government support, as I have shared in the past in this thread, gold is at its highest prices after a large economic downfall, it has an inverse relationship.

We all know a vaccine was set to come in 2021 with announcements at the end of this year confirming this time frame, however, it will still take at least a whole year to administer across entire countries. A vaccine doesn't cure economic damage, the damage of covid is far from over.