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Gold is trading steadily ahead of the upcoming U.S. elections, having peaked at $2,747 recently and now sitting around $2,731.
The 2024 presidential election, scheduled for November 5, is drawing significant interest from investors, particularly regarding its potential impact on gold prices. With a close contest between Kamala Harris and Donald Trump, uncertainty in the polls has led many to seek refuge in gold, a traditional safe-haven asset that typically performs well during politically turbulent times.
Rising U.S. Treasury Yields: Influencing Factors for Investor Sentiment
The recent uptick in U.S. Treasury yields, particularly the 10-year note now at approximately 4.27%—the highest level in three months—has raised concerns among investors. Strong economic reports have dampened expectations for quick interest rate cuts from the Federal Reserve. Furthermore, uncertainty surrounding the presidential election and possible changes in government spending are adding to inflation fears, which could lead to higher yields. Persistent global tensions, especially in the Middle East, are also affecting market sentiment and investor decisions. Notably, despite the rise in U.S. yields, gold reached an all-time high earlier this month.
Technical Overview:
Gold remains above both short-term and long-term moving averages on the 4-hour chart. The immediate support level is around $2,700; a fall below this could lead to targets of $2,685, $2,670, $2,660, or even $2,638. A bearish trend would only be confirmed if prices drop below $2,470. On the upper side, minor resistance is found at $2,739, and breaking past this barrier could push prices up to $2,750 and $2,775.
Current market indicators present mixed signals: the Commodity Channel Index (CCI) indicates a bullish trend, while the Average Directional Movement Index (ADX) suggests a neutral outlook.
Trading Strategy:
Consider making purchases on dips around the 2,700 mark, with a stop-loss positioned around 2,670 and a target price of $2,759.
