Gold Price Ahead of Important Support

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Gold is currently hovering around $2,747/ounce after facing strong selling pressure from the $2,800/ounce resistance. The technical chart shows that the EMA(89) acts as an important support, and the test of this area will determine the next trend of the market.

Recent news also contributed to the gold trend. Political uncertainty ahead of the US presidential election is creating momentum to buy gold as a safe-haven asset. However, positive economic data from the US, with a GDP growth rate of 2.8%, increases the possibility of the FED continuing to tighten monetary policy, creating downward pressure on gold prices.

In terms of the technical scenario, if the price remains above the EMA(89), the uptrend may recover with a target of $2,780 or higher. Conversely, if the price breaks below the EMA(89), the bearish trend will take over, pushing the price down to the $2,720 area or deeper. This is an important time to watch the reaction of gold prices at this support area, as the market is weighing between political risks and the economic strength of the US.

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