Due to a high degree of geopolitical risk, gold (XAU/USD) is still supported by safe-haven flows. Gold News Forecast, traded in the $2,720s on Friday, staying trapped in this week’s small range. Investors are gravitating toward safe-play commodities like gold due to the prolonged Middle East turmoil and growing uncertainty about the outcome of the US election.
As geopolitical risk premia increases, gold is still supported.
As the Middle East conflict worsens, safe-haven flows will probably support gold. Three Lebanese journalists were killed in the attack on a guesthouse used by international press outlets such as Reuters, Sky, and Al Jazeera, according to a report released by Reuters on Friday. This follows a week in which the Israelis have intensified their bombing campaign, destroying entire residential blocks of neighborhoods in Beirut, including an attack that killed three Lebanese army soldiers coordinating an evacuation and a bomb that landed near a hospital and killed a child. US Secretary of State Anthony Blinken is meeting with Israeli and Qatari officials in Doha to broker a settlement to the crisis. This comes after Hamas members and Egyptian diplomats met separately in Cairo with the same goal.
Osama Hamdan, a senior Hamas leader, told the pro-Hezbollah news outlet Al-Mayadeen in Lebanon that the group’s stance remained unchanged. According to Reuters, Hamdan stated that “the resistance’s hostages will only return with a stop to the aggression and complete withdrawal.” The fact that Republican contender Donald Trump is gaining ground in numerous surveys, particularly in crucial areas like Wisconsin and North Carolina, adds to the already dangerous geopolitical environment. His chances of winning the US presidential election appear to be high based on this. Gold News Forecast
“Trumpet was marginally ahead in an Emerson poll of several swing states yesterday, including a 1 point lead in Pennsylvania and Wisconsin and a 2 point lead in North Carolina,”
Jim Reid, Global Head of Macro Research at Deutsche Bank, stated on Friday. The popular US election website FiveThirtyEight’s model indicates that Trump now has a marginally greater 51% chance of winning. Vice President Kamala Harris is still ahead of Trump with 48.1% compared to 46.4%, according to the website’s master poll, which aggregates, averages, and weights surveys based on recent events. According to most betting services, Trump has a higher chance of winning than Harris. Despite his promises to end wars worldwide in a matter of days, a Trump victory would upend the current global order and possibly increase safe-haven flows. Technical Evaluation: Gold forms a band that is sideways. Gold peaks at the later level and rolls over then trade sideways in a small range between $2,708 and $2,758. Nevertheless, the yellow metal is in a consistent upward trend across all time frames (short, medium, and long), and the odds favor further higher, given the technical tenet that “the trend is your friend.” Gold News Forecast
Continuing up to the next big-figure goal level, which is $3,000 (round number and psychological level), would be confirmed by a break above the top of the range at $2,758 till then happy trading turtles……!!!!!!!
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