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Gold prices held steady near $2,740 an ounce on Monday, after two consecutive days of declines. Supported by a weaker US dollar, markets are gearing up for the upcoming US presidential election and Fed policy decisions. Recently, there has been speculation that Trump’s expansionary fiscal policy and higher tariffs could push inflation higher if he is re-elected, prompting investors to turn to gold as a hedge against long-term inflation risks. However, market expectations have slowed as polls show that the two candidates are close in popularity.
Meanwhile, the Fed is expected to deliver a modest 25 basis point rate cut this week, following a massive 50 basis point cut in September. In addition, heightened tensions in the Middle East have further strengthened gold’s safe-haven appeal.
Market Directional Preference: Neutral Bias
In the short term, gold’s move has been affected by dollar volatility, policy uncertainty and geopolitical tensions. As more economic data and policy signals are released, investors will continue to pay attention to the balance between gold’s safe-haven demand and yield levels.
$2,770 above the first line of resistance, $2,790 of the second line of resistance above,
The first line of support below is $2,758, and the second line of support below is $2,730.
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