GOLD → The US election and how does XAUUSD depend on it?

5 Nov

XAUUSD is waiting for strong news. The price continues to test and even update local lows, but in the next 1-2 days you need to be careful as high volatility is expected.

The main issue on the agenda is the US presidential election. High volatility is expected. Until last week, markets were pricing in a Trump victory (his policies on immigration, tax cuts and tariffs will put upward pressure on inflation, bond yields and the US dollar). But on Monday, the situation showed a slightly different picture, with the odds of a Harris victory (opposite, successor, policies) rising
In addition, expectations of a less aggressive easing cycle from the Fed are also supporting the dollar.
Also, markets are taking into account the ongoing Middle East conflict between Israel and Iran.
Technically, the emphasis of the flat boundaries. While the price is trading inside, but most likely an attempt to get out of the accumulation will be formed....

Resistance levels: 2745, 2758
Support levels: 2731, 2724, 2713

Technically, gold continues to test support with the aim of retesting deeper liquidity zones below. But the risks are quite high right now. Gold is still feeling the support, so there could be unpredictable market reactions depending on the outcome!

Regards R. Linda!