Analysis of today's market

Early on Tuesday, gold found support near 2,724 and rebounded. Against the backdrop of uncertainty surrounding the U.S. presidential election and a slight weakening of the U.S. dollar, gold rallied close to 2,750. Conversely, a weaker dollar is beneficial for gold, as precious metals are mostly priced and traded in U.S. dollars.

The market increasingly believes that the final outcome of the election will polarize the dollar, with a victory by Republican candidate Donald Trump seen as bullish for the dollar, while a victory by Democratic candidate Kamala Harris would have the opposite effect.

As of press time, gold hovered around 2,742, with the highest point nearing 2,747 and the lowest point close to 2,741. Keep a close eye on the resistance levels at 2,760-2,770-2,780. If these resistance levels are not breached, gold will test the support levels at 2,720-2,710-2,700.