Gold Daily | Gold Near Historic Highs Amid Election Risks and Geopolitical Tensions, Eyes on Fed Moves

【Latest Gold Price and Recent Trends】

Gold prices recently climbed to a historic high near $2,790, driven by pre-election risk aversion and geopolitical tensions, although the price pulled back slightly to $2,783. The Federal Reserve's anticipated rate cuts and robust central bank purchases also bolster gold.

【Technical Analysis】

Gold prices display a double top pattern at $2,790, which could limit further gains unless broken. Support is seen at $2,772.47, with potential declines if breached. A breach above $2,790 could target $2,800 and $2,815. The Relative Strength Index (RSI) indicates continued bullish momentum.

【Market Sentiment and Economic Background】

Uncertainty around the U.S. presidential election and its outcome, along with geopolitical conflicts in the Middle East, continue to drive safe-haven demand. Economic data shows mixed signals; while GDP growth slowed to 2.8%, employment figures were stronger than expected. The market expects the Federal Reserve to cut rates by 25 basis points, which could influence gold's appeal.

【Analyst Opinions】

Analysts suggest that gold's rise is a hedge against possible election-driven fiscal instability and geopolitical risks. Although some expect gold to face resistance due to rising U.S. Treasury yields, others believe that the underlying demand for gold as a safe asset could maintain its upward trajectory. There's potential for a $100 price correction post-election, but strong demand fundamentals could sustain gold prices in the near term.