The recently concluded US midterm elections saw a landslide victory for the Democrats, who won a majority of seats in both the House of Representatives and the Senate, securing control of the Congress for the next two years. Investors reacted overwhelmingly positively, believing that with the Democrats in control, the uncertainty surrounding Trump’s policies could be significantly reduced, particularly regarding his stance on the Iran conflict and Middle East geopolitics. This could potentially reverse Trump’s overall hawkish image, leading to a surge in risk-taking towards gold in the short term, providing upward momentum for gold prices.

Furthermore, President Trump’s seemingly subdued reaction to the Republican defeat in the midterm elections, lacking his usual chaotic and defiant behavior, has also fueled investor interest in gold, a significant positive factor for gold prices.

Gold prices may fluctuate between $4,008 and $4,156 in the short term. Pay close attention to the lower end of the range for potential buying opportunities. There is room for repeated upward movement in the short term. $3,988 can be used as an important price defense reference level. Be sure to take appropriate risk precautions.

*Risk Warning: This article is for market analysis purposes only. Price ranges and levels mentioned are for market observation and reference only and do not constitute any investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst

Success Financial Group

Email: ferris.kwok@successfn.com