They don't know how the election will turn out, so for now they're just 'keeping their powder dry'.
The girls put on their lipstick and (face) 'powder' before heading out to the dance.
The boys decided to 'take a powder' as soon as they saw there was work to be done.
(..) Must run in veins all through these walls. Magnesium is kind of flammable, isn't it, professor? Yeah, used in flares, used in gun powder, matchsticks. Right, well, maybe gun powders and flares aren't such a good idea down here. Thank you. It's the same principle. - You ready, Sean? (..)2008 Journey to the Center of the Earth