XAUUSD Price Today, November 04 2024, Sideways on 2740!

The Gold price (XAU/USD) today trading in positive territory today, supported by rising concerns over the upcoming US presidential election and ongoing geopolitical tensions in the Middle East. These uncertainties reinforce Gold’s appeal as a traditional safe-haven asset. However, the upward momentum for Gold may face resistance due to renewed demand for the US dollar and higher US bond yields, as rising yields make non-interest-bearing assets like Gold less attractive.

Market attention is focused on the US presidential election scheduled for Tuesday, followed by the Federal Reserve's interest rate decision on Thursday. Many expect the Fed to announce a 25-basis-point (bps) rate cut, partly due to the uncertainty surrounding the election outcome. This anticipated cut reflects the Fed’s cautious approach rather than a more aggressive half-point reduction.

Currently, Gold is trending higher and holding a positive stance, as it trades above the 100-day Exponential Moving Average (EMA) on the daily chart. The 14-day Relative Strength Index (RSI) is also above the neutral 50 level, near 60.20, indicating a likely support level for Gold.

If Gold continues to post green candlesticks above its all-time high in the $2,790-$2,800 range, it could advance to $2,850. However, if it consistently trades below $2,715 (the low from October 24), this may signal a decline toward $2,624 (the low from September 30), with further potential to reach the psychological support level at $2,600.

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Bayu Samudera

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