The Gold price (XAU/USD) trades in positive territory on Monday.
Gold price drifts higher in Monday’s Asian session. Safe-haven demand amid US presidential election uncertainties, persistent Middle Eastern tensions, might lift the Gold price. Traders brace for the US election outcome on Tuesday ahead of the Fed rate decision. The Gold price trades in positive territory on Monday. The US presidential election risks and the ongoing Middle East geopolitical tensions are likely to underpin the yellow metal, a traditional safe-haven asset, in the near term.
Furthermore, the 14-day Relative Strength Index stands above the 50-midline near 60.20, suggesting the support level is likely to hold rather than break. More green candlesticks above the all-time high and psychological mark in the $2,790-$2,800 zone could bump XAU/USD to $2,850. On the other hand, consistent trades below $2,715, the low of October 24 might drag the yellow metal to $2,624, the low of September 30, followed by the $2,600 round mark.
Commodities XAUUSD Macroeconomics US Elections
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