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GOLD: Awaiting US Election Today & FOMC On Thursday

GOLD
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Gold is 0.4% lower in today’s Asia-Pac session, after closing broadly unchanged at 2736.78 on Monday.

  • With the US Presidential Election held later today and the FOMC’s next policy decision on Thursday, market participants appeared content to sit on the sidelines.
  • Yesterday, US treasuries rallied, led by the long-end, as the so-called “Trump trade” (bear steepener) was unwound after a poll in Iowa, a typically reliable red state, gave Harris a 3-point lead over Trump. A late swing to Harris was also evident in other weekend polls. However, Polymarket still shows odds that favour Trump to win in today’s US Presidential Election. Political polling in key swing states remains within the margin of error, leaving the race finely balanced.
  • According to MNI’s technicals team, the pullback from last week’s record high at $2,790 is considered corrective for now. Last week’s gains resulted in a breach of $2,685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on the $2,800.0 handle next. Firm support is $2,712.8, the 20-day EMA.
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Gold is 0.4% lower in today’s Asia-Pac session, after closing broadly unchanged at 2736.78 on Monday.

  • With the US Presidential Election held later today and the FOMC’s next policy decision on Thursday, market participants appeared content to sit on the sidelines.
  • Yesterday, US treasuries rallied, led by the long-end, as the so-called “Trump trade” (bear steepener) was unwound after a poll in Iowa, a typically reliable red state, gave Harris a 3-point lead over Trump. A late swing to Harris was also evident in other weekend polls. However, Polymarket still shows odds that favour Trump to win in today’s US Presidential Election. Political polling in key swing states remains within the margin of error, leaving the race finely balanced.
  • According to MNI’s technicals team, the pullback from last week’s record high at $2,790 is considered corrective for now. Last week’s gains resulted in a breach of $2,685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on the $2,800.0 handle next. Firm support is $2,712.8, the 20-day EMA.