Gold Daily | Spot Gold Rises on Safe-Haven Demand Amid US Election and Middle East Tensions

【Latest Gold Price and Recent Trends】

Spot gold rose 0.7% to about $2735, slightly below the record $2758.37. Rising due to safe-haven demand amid US election uncertainty and Middle East tensions, while a strong dollar limits further potential gains.

【Technical Analysis】

Gold finds support around $2708, advancing towards a key pivot at $2735. Resistance is at $2739, $2747, and $2752, with support at $2727 and $2720. Maintaining above $2733 might extend the bullish trend.

【Market Sentiment and Economic Background】

The dollar's strength, driven by US Treasury yields at a three-month high, challenges gold's ascent. The upcoming US election and ongoing Middle East conflict sustain gold's safe-haven appeal. Investors are assessing the Fed's rate path, with expectations of a cautious easing approach.

【Analyst Opinions】

Sugandha Sachdeva forecasts gold may reach $2800 in 2024, driven by geopolitical risks and central bank buying. Giovanni Staunovo cautions potential sanctions on Russian palladium may tighten supplies, impacting prices. Concerns over Trump's potential re-election and its economic implications weigh on market sentiment.