Gold Daily | Gold Hits Record $2,711 Amid Election Uncertainty and Middle East Tensions

【Latest Gold Price and Recent Trends】

Gold prices reached a new historical high of $2,711 on Friday, driven by U.S. election uncertainty and Middle East tensions, alongside a supportive monetary policy environment. Despite strong U.S. economic data, gold remains in an upward trend.

【Technical Analysis】

Gold succeeded in reaching its bullish target of $2,700, paving the way for further gains. Key support lies around $2,688, with resistance at $2,722 and $2,733. The bullish engulfing pattern in the 4-hour chart indicates more upside potential.

【Market Sentiment and Economic Background】

Concerns over U.S. election outcomes and Middle East tensions continue to boost safe-haven demand for gold. Central banks globally are maintaining a dovish stance, with the ECB cutting rates for the third time this year. Lower rates enhance gold's allure as a non-yielding asset. U.S. economic data showing strong retail sales and reduced jobless claims add complexity, reinforcing expectations of modest Fed rate cuts.

【Analyst Opinions】

Michael Armbruster notes gold's upward trend remains intact due to factors like U.S. fiscal spending. Peter Grant highlights gold's resiliency amid a strong dollar, expecting the trend to persist. Analysts project further gains if Western investors increase gold acceptance. Economies.com predicts gold's bullish trend will continue, targeting $2,745, unless it drops below $2,685.50.