US Elections: Gold Gains Modest Bullish Momentum as Markets Brace for Tomorrow’s Main Event

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Gold (XAU/USD) traded on a positive tone through the early European session on Monday and has renewed its daily highs around $1890 in the past few hours, although it lacked any follow-through strength.

The yellow metal built on last week’s positive climb, as investors become wary and are hedging their bets against the outcome of the US Presidential Election tomorrow.

Meanwhile, renewed lockdown measures across the globe over the resurgence of Coronavirus infections has dampened markets’ risk mood and has further bolstered demand for the precious metal. However, several other factors have placed a strong lid over any significant rally for gold in the near-term.

The global risk sentiment was modestly bolstered on Monday by the release of better-than-expected Chinese manufacturing PMI. The positive effect of this report was felt in the US equity market. Furthermore, the upbeat tone surrounding the US dollar (DXY) has further contributed to the slowdown of bullish gains in the dollar-denominated commodity.

Moving on, market participants will be looking at the US economic docket today—which features the release of the ISM Manufacturing PMI—for clues. Regardless, most investors will remain on the sidelines ahead of tomorrow’s elections.

Gold (XAU) Value Forecast — November 2

XAU/USD Major Bias: Bullish

Supply Levels: $1900, $1912 and $1923

Demand Levels: $1883, $1876, and $1860

Gold is now trading within an ascending triangle well ahead of the US session. Given the directional bias, we could expect the price to spike upwards when it approaches the end of this converging channel. The precious metal had a clean bounce from the $1860 support last week, following a decline from the $1900 support.

That said, we’re likely going to witness a less volatile session today as the markets brace for this week’s main event.

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