Gold Daily | Prices Dip but Weekly Rise Likely Amid Middle East Tensions and US Election Uncertainty

【Latest Gold Price and Recent Trends】

Gold prices slightly declined to $2,730.09/oz, on track for a weekly rise. Record highs recently hit due to Middle East tensions and US election uncertainties. Market sentiment remains cautiously bullish.

【Technical Analysis】

Gold is testing a pivot at $2,727.95. A hold above this may target $2,737.21. Key support at $2,716.15 suggests buying on dips, though caution is advised below the pivot.

【Market Sentiment and Economic Background】

Middle East tensions and US election uncertainties increase demand for gold as a safe haven. With the upcoming US election, market volatility is expected to rise. A half-point Fed rate cut and geopolitical issues continue to support gold. Consumer confidence in the US has risen, indicating economic resilience.

【Analyst Opinions】

Capital Economics warns of potential gold price pullbacks despite bullish sentiment. Analyst Julia Khandoshko predicts gold may reach $2,800 in three months due to election volatility. Jim Rogers suggests silver may outperform gold due to its distance from historical highs. HSBC forecasts sustained higher gold prices driven by geopolitical risks and fiscal deficits but warns of potential moderation post-2025.