Short-Term Gold Price Forecast Ahead of US Elections

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In the short term, gold prices may continue to fluctuate in a narrow range around $2,730 - $2,740/ounce as investors temporarily stay on the sidelines waiting for the results of the US presidential election and the FED's policy announcement on November 5. With major events like the presidential election, the market often witnesses strong fluctuations, so if there are any signs of instability in the election results, the demand for safe haven gold may increase, pushing gold prices up again.

In addition, if the FED actually cuts interest rates by another 0.25%, the USD may weaken, creating conditions for gold prices to increase in the short term. However, if the FED's policy is not as predicted or the election situation goes smoothly, gold prices may maintain a slight downtrend, returning to test lower support levels around $2,720/ounce.