Gold trading alert: Powell's re-election is not in doubt, gold prices or fall down the eight thousand mark!

Spot gold traded around 1810 during the Asian session on Tuesday (Nov. 23). Gold prices plunged more than 2% on Monday (Nov. 22) as Biden nominated Powell for a second term as Fed chairman, triggering a surge in the dollar and a heavy drop in gold prices under pressure, with the market as a whole anticipating an earlier rate hike next year.

The main focus during the day on the U.S. November Markit manufacturing PMI and Biden's speech on fighting inflation.

Fundamental bearishness

[Biden nominated Powell for re-election as Fed Chairman].

U.S. President Joe Biden on Monday nominated Federal Reserve Chairman Jerome Powell for a second four-year term, and the former investment banker will be tasked with continuing the most important monetary policy reforms since the 1970s and completing the task of leading the economy out of the epidemic crisis.