The Gold price (XAU/USD) recovers some lost ground on Friday.
Gold price trades in positive territory in Friday’s Asian session. US election uncertainty and geopolitical risks underpin the Gold price, but renewed USD might cap its upside. The US October Nonfarm Payrolls data will take center stage on Friday. The Gold price recovers some lost ground on Friday. The uncertainties surrounding the US presidential election and the ongoing geopolitical tensions in the Middle East provide some support to the precious metal, a traditional safe-haven asset.
The all-time high and psychological mark in the $2,790-$2,800 zone appears to be a tough nut to crack for Gold bulls. A decisive break above this level could result in a rally to $2,850. On the downside, the initial support level for the yellow metal emerges at $2,715, the low of October 24. The additional downside filter to watch is $2,624, the low of September 30. The next contention level is located at $2,600 before $2,500, the low of September 9 and round figure.
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