Gold price keeps the red below $2,730, lacks follow-through amid US political uncertainty
Gold price (XAU/USD) drifts lower during the Asian session on Friday, albeit it lacks follow-through selling and remains confined in the weekly range. The US Dollar (USD), for now, seems to have stalled its retracement slide from a three-month high touched on Wednesday amid growing acceptance of a less aggressive policy easing by the Federal Reserve (Fed). This, along with signs of stability in the equity markets, drives flows away from the safe-haven precious metal.
That said, the US political uncertainty ahead of the November 5 presidential election and persistent geopolitical risks stemming from the ongoing conflicts in the Middle East offer some support to the Gold price. This, in turn, warrants some caution before confirming that the XAU/USD has topped out and positioning for any meaningful corrective decline. Traders now look forward to the US economic data to grab short-term opportunities later during the North American session.(Cay)
Source : Fxstreet