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[Bitop Review] Gold Prices Remain Elevated as US Election and Middle East Tensions Boost Appeal

2024年10月30日发布

Gold Market Analysis:


Gold prices were holding near record highs in early Asian trade on Wednesday, October 30th, trading around $2773.72 per ounce. Gold prices hit a new all-time high of $2775.26 per ounce on Tuesday, closing at $2773.67, driven by safe-haven demand amid uncertainty surrounding the US presidential election and the ongoing conflict in the Middle East, coupled with expectations of further interest rate cuts by the Federal Reserve. With the US election just a week away, anxieties are running high, boosting demand for safe-haven assets like gold.


An Israeli airstrike on an apartment building in the northern Gaza town of Beit Lahia on Tuesday killed or left missing at least 93 Palestinians. A US State Department spokesperson expressed concern, calling it a "horrific incident" and warning that Israel's "blockade" of the UN Relief and Works Agency could have consequences for US law and policy. The escalating tensions in the Middle East are providing further support to gold prices.


Data released on Tuesday showed that US job openings fell to 7.44 million in September, the lowest level in three and a half years and well below expectations of 7.99 million. This suggests that demand for labor is waning as businesses await an economic acceleration.


Investors are now awaiting the release of US consumer confidence data for October, as well as the non-farm payrolls report and personal consumption expenditure (PCE) data for October. These data could provide clues on whether the Federal Reserve will further ease monetary policy.


Gold Technical Analysis:

 

Daily Chart:The daily chart shows that gold prices edged higher on Tuesday, forming a small bullish candle and breaking above the previous record high.  This highlights the strength of the bulls, who remain in control.  The moving averages are arranged in a bullish sequence, and the MACD indicator is poised to widen further, suggesting further upside potential.  However, the release of key economic data later today could influence the near-term direction.  The next major resistance level is likely to be the $2,800 psychological level.

 

4-Hour Chart:The 4-hour chart shows that gold prices surged higher during the US trading session on Tuesday, hitting a new all-time high.  With the fundamental backdrop remaining supportive, the uptrend is likely to continue in the near term.  The moving averages are aligned in a bullish configuration, providing strong support.  However, the MACD indicator is showing signs of a bearish divergence, warranting some caution.  A strategy of buying on dips is recommended.

 

Overall:The short-term outlook for gold favors buying on dips with selective selling on rallies.

 

Key Resistance Levels: 2740, 2750, 2755, 2760

Key Support Levels: 2730, 2725, 2720, 2710

 

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.