Gold Daily | Stable Prices Amid Geopolitical Risks, Strong Dollar and Rising Yields Challenge Gold

【Latest Gold Price and Recent Trends】

Gold prices are relatively stable at around $2,745 after a sharp drop of over $40, following a record high of $2,790.15. Geopolitical risks and U.S. election uncertainties support gold, but a strong dollar and rising bond yields pose resistance.

【Technical Analysis】

Gold is near the pivotal point of $2,759, which may determine its short-term direction. A break above $2,760 could target resistance at $2,774, with further potential to $2,790 and $2,807. On the downside, a fall below $2,746 may lead to support at $2,732 and possibly down to $2,718.

【Market Sentiment and Economic Background】

Tensions in the Middle East and U.S. election uncertainty support gold. However, a strong dollar and rising U.S. Treasury yields continue to pressure gold prices, as higher yields make interest-bearing assets more attractive than non-yielding gold. Investors await the upcoming U.S. October employment report, which could impact Federal Reserve rate expectations and gold's trajectory.

【Analyst Opinions】

Exinity Group's chief market analyst Han Tan suggests that if geopolitical concerns persist, gold might test $2,800 in the short term. Despite supportive factors, the resilient dollar and rising bond yields limit gold's upside. Marex analyst Edward Meir notes a buy-the-dip strategy among investors, likely to continue amid U.S. election volatility. Meanwhile, StoneX analyst Rhona O’Connell highlights geopolitical tensions and election uncertainty as drivers of gold demand, while the market remains in a "buy-the-dip" mode.