Gold – bulls hold steady amid geopolitical tensions and uncertainty around the U.S. election

Gold maintains a strong position, trading just below last week’s record high, driven by solid safe-haven demand amid ongoing geopolitical tensions and increasing U.S. election uncertainty.

Markets are now focused on upcoming U.S. labor data and Federal Reserve signals regarding future monetary policy direction.

The closely watched events include Friday’s NFP report, the November 5 presidential election, and the Fed’s interest rate decision on November 7.

Despite a shift in expectations towards smaller rate cuts (25 basis points) due to better-than-expected U.S. economic data, gold bulls are likely to hold firm, with bullish sentiment expected to remain strong.

Immediate bias is expected to favor the bulls as long as price action stays above the rising 10-day moving average ($2724), with targets ahead at $2768, $2800, and $2819 (Fibonacci projections and psychological levels).

Any pullbacks should find solid support above the $2700/$2685 zone (psychological level, former high, and 20DMA).

Res: 2758; 2768; 2800; 2819
Sup: 2736; 2724; 2708; 2700