Gold Price News and Forecast: XAU/USD is likely to win this election

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Gold Price Analysis: XAU/USD bears just can't catch a break

The price of the yellow metal has so far been held up sideways in a $1,897.91-$1,911.35 range on Tuesday, currently bid up some 0.32%. The price had been slowly chipping away to the downside below resistance and within a bearish environment on the weekly chart.

However, the price is caught up in fundamentals which are making for s gruelling swing trade for the bears, positioned for a downside continuation. Gold could be in what is now a wait-and-see mode ahead of US elections on the 3rd of November. Markets are evaluating the potential for a fiscal stimulus deal to be struck in the lame-duck session which hinges on the election results.

Gold is likely to win this election

Trump and Biden debated for the second and last time in this campaign. So, who will win, and why gold is likely to be the biggest winner of them all?

President Donald Trump and Democratic challenger Joe Biden met for the second and the last debate before the elections. Thankfully, this time things were less chaotic and with far fewer interruptions and insults. Perhaps Trump has acknowledged that his aggressive behavior was a liability and decided to change his approach – especially since this was his final opportunity to alter the presidential campaign dynamics.

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.