Gold trades steady on Tuesday, having reached a new five-day low
Gold (XAU/USD) trades steady after finding support at $2,724 early on Tuesday. It has since bounced back to the $2,730s on the back of a marginally weaker US Dollar (USD), due to uncertainty over the US presidential election. A weaker Greenback, in turn, aids Gold since the precious metal is mostly priced and traded in USD.
The highly-rated election forecaster 538.com indicates a 50% probability of Vice President Harris winning on Tuesday whilst former President Donald Trump has a 49% chance of victory. That leaves a 1% chance of no overall winner. Over the last 24 hours, Harris has edged into the lead after lagging Trump for several days. This may also explain Gold’s turnaround on Tuesday.
Solomon’s Jones is bullish on Gold overall, seeing the election outcome as a “win-win” for the precious metal regardless of which candidate is victorious.
Although the precious metal remains in an uptrend on a medium and long-term basis.
Asad iqbal khan
The highly-rated election forecaster 538.com indicates a 50% probability of Vice President Harris winning on Tuesday whilst former President Donald Trump has a 49% chance of victory. That leaves a 1% chance of no overall winner. Over the last 24 hours, Harris has edged into the lead after lagging Trump for several days. This may also explain Gold’s turnaround on Tuesday.
Solomon’s Jones is bullish on Gold overall, seeing the election outcome as a “win-win” for the precious metal regardless of which candidate is victorious.
Although the precious metal remains in an uptrend on a medium and long-term basis.
Asad iqbal khan
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