Gold Daily | Record Highs Amid Middle East Tensions and U.S. Election Drive Bullish Gold Outlook

【Latest Gold Price and Recent Trends】

Gold prices reached a record high of $2,733.13 per ounce due to rising geopolitical tensions in the Middle East and the competitive U.S. presidential election. Spot gold rose 0.34% to $2,730.74 per ounce.

【Technical Analysis】

Gold's technical outlook remains bullish. The 4-hour chart shows a potential upside, with resistance at $2,736.46. RSI indicates overbought conditions, suggesting a possible pullback to $2,692 or lower if the price breaks below $2,715. The 21-day SMA supports at $2,653.

【Market Sentiment and Economic Background】

Geopolitical tensions and economic uncertainties are driving gold prices. The Middle East conflict between Israel and Hezbollah intensifies, while the U.S. election shows a close race between Trump and Harris. Lower rates make gold more attractive. The ECB's expected rate cuts in December further boost gold's appeal. Analysts predict a potential rise to $3,000 per ounce due to increased demand and ETF inflows.

【Analyst Opinions】

Analysts remain bullish on gold's prospects, predicting a rise to $2,750 and potentially $3,000 within 6 to 12 months. The ongoing geopolitical tensions and central bank policies are expected to keep supporting gold prices.