GOLD - USD - Gold review - 22/10/2024 - 10/22/2024 (GMT)

Gold surged to a record high above $2,700 on Monday, driven by safe-haven demand due to escalating Middle East conflicts and a tight U.S. election race. The yellow metal is up over 32% this year, surpassing the 31% gain in 2007 and marking its largest increase since 1979. Geopolitical tensions are high, with Israel planning further attacks on Iran and responding to Hezbollah’s recent actions. Traders are closely monitoring these developments, which could influence the outcome of the U.S. presidential election in early November where polls currently indicate a tight race between Donald Trump and Kamala Harris. Gold’s rise is further supported by the Federal Reserve’s rate-cutting cycle, which weakens the U.S. dollar and makes gold cheaper for international buyers. At the current rate of bullishness, gold could average $3,000 an ounce by Q4 2025. 
 From a technical point of view, the price made another all-time high above $2,730 and extending its bullish run in 2024. The Bollinger bands are slowly expanding showing that volatility is picking up while the Stochastic oscillator remained in extreme overbought levels in the past week. The faster 50-day moving average is still trading well above the 100-day moving average validating the bullish trend and with no major signs of a reversal or even a correction the short term outlook seems to remain bullish for the yellow metal.