Gold Daily | Gold Near Historic Highs Amid Strong Demand, Election Uncertainty, and Central Bank Purchases

【Latest Gold Price and Recent Trends】

Gold prices are approaching historic highs, trading at approximately $2,753. Recent strong performance contrasts with typical inverse gold relations, driven by global demand and central bank purchases.

【Technical Analysis】

Gold maintains an upward trajectory, with strong support at $2,723. The RSI indicates potential for further gains, targeting the historic high of $2,759 and beyond, towards $2,800.

【Market Sentiment and Economic Background】

Uncertainty around the U.S. presidential election enhances gold's appeal as a safe haven. Strong U.S. economic indicators and mixed geopolitical tensions also influence the market. Investors await key economic data that may impact the Fed's interest rate decisions, with a 25 basis point cut likely.

【Analyst Opinions】

Analysts see gold's rise as a response to potential fiscal challenges and inflation risks. The election and geopolitical tensions further support gold as a reliable asset. Some experts predict gold could reach $2,800, with buying momentum likely to continue.