Gold Price Analysis: XAU/USD steadies near $1,910 as risk rally remains intact

XAU/USD is rising for the third straight day on Tuesday.
Wall Street's main indexes are posting impressive gains.
USD is struggling to find demand as focus shifts to US election.

Eren Sengezer FXStreet

The XAU/USD pair gained nearly 1% on Monday and has continued to push higher on Tuesday with the greenback facing a heavy selling pressure ahead of the US presidential election. As of writing, the pair was up 0.65% on a daily basis at $1,908.

The risk-on market environment on Tuesday seems to be weighing on the USD more than it does on the precious metal. The US Dollar Index, which touched its best level in more than a month above 94 on Monday, was last seen losing 0.7% at 93.38.

Reflecting the upbeat market mood, Wall Street's main indexes are posting impressive gains on Tuesday. At the moment, the S&P 500 and the Dow Jones Industrial Average indexes are both up around 2.1% on the day.

Previewing the potential impact of the US presidential election outcome on XAU/USD, FXStreet analyst Yohay Elam said "gold heavily depends on stimulus, and the more, the merrier. The optimal scenario is a clean Democratic sweep, followed by a Trump victory. A split between President Trump and the Senate is the worst outcome."

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Technical levels to watch for

XAU/USD

Overview
Today last price	1908.77
Today Daily Change	13.29
Today Daily Change %	0.70
Today daily open	1895.48

Trends
Daily SMA20	1899.2
Daily SMA50	1914.99
Daily SMA100	1891.33
Daily SMA200	1771.69

Levels
Previous Daily High	1895.79
Previous Daily Low	1873.52
Previous Weekly High	1911.46
Previous Weekly Low	1860
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1887.28
Daily Fibonacci 61.8%	1882.03
Daily Pivot Point S1	1880.74
Daily Pivot Point S2	1865.99
Daily Pivot Point S3	1858.47
Daily Pivot Point R1	1903.01
Daily Pivot Point R2	1910.53
Daily Pivot Point R3	1925.28

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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