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XAUUSD Pullback Set-Up Demand at 2722 Targeting 2700

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The XAUUSD (gold) market has a strong initial demand zone at 2722-17, where a pullback is expected before facing resistance at 2747-53, which is forecast as a significant supply level. Our major aim is 2700, which corresponds to a robust daily demand zone.

Geopolitical developments are boosting gold's appeal as a safe-haven asset. Heightened tensions in the Middle East, as well as the ongoing conflict between Ukraine and Russia, have added to risk aversion, attracting investors to gold. Furthermore, the forthcoming presidential election in the United States on November 5 creates uncertainties about prospective fiscal policy moves. Historical trends demonstrate that election outcomes frequently cause volatility in gold as investors hedge against policy changes. These factors are strengthening demand at important levels, which aids our understanding of potential retracements and target zones.

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