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FPG October 31 Gold Market Alert

FPG October 31 Gold

Gold held above $2,780 as safe-haven demand supported a record level – XAUUSD H4

Gold prices remained above $2,780 an ounce on Thursday and continued to hover at record levels, driven by safe-haven demand from U.S. election uncertainty and geopolitical risks. The market is assessing the latest US economic data, which showed an annualized GDP growth of 2.8% in the third quarter, slightly below expectations of 3%. However, personal consumption and sales data rose significantly, suggesting that U.S. consumers are showing resilience, while inflation risks remain elevated as the core PCE price index unexpectedly rose last quarter.

In addition, the Fed is widely expected to ease monetary policy further at its upcoming meeting. Expectations of interest rate cuts provide support for gold, as lower interest rates reduce the opportunity cost of holding non-yielding assets such as gold. Market participants are now awaiting the release of PCE data and jobs reports on Thursday and Friday to further gauge the Fed’s policy direction.

Market Directional Bias: Bullish

Gold prices remain supported by global macro uncertainty, election risks and expectations of monetary easing, and are expected to remain elevated in the near term.

$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 $2,740.

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