#MiddleEastCrisis #GoldTechnical Analysis#24K99 News On Wednesday (October 30), in the early Asian market, spot gold continued its upward trend, with the price just hitting $2779.88 per ounce, reaching a historic high. Analysts say that the tensions in the Middle East and the uncertainty of the US election provide upward momentum for the gold price.

The latest news on the Middle East situation indicates that Israel launched an attack on a residential building in the northern town of Beit Lahia in Gaza on Tuesday, resulting in at least 93 Palestinians dead or missing. The US described it as a "terrible event".

Bloomberg reported that in early Asian trading on Wednesday, the gold price reached record levels. Traders are digesting the latest US economic data and weighing potential market turbulence ahead of the upcoming presidential election.

(Screenshot Source: Bloomberg)

Bloomberg reported that the market is considering a report indicating that job vacancies in the US have fallen to the lowest level since early 2021. This contrasts with data from September, which showed a still strong job market, prompting traders to reduce bets on a significant rate cut by the Federal Reserve. Higher borrowing costs are usually unfavorable for precious metals.

In terms of Tuesday's data, the number of job vacancies from the Job Openings and Labor Turnover Survey (JOLTS) in the United States decreased from 7.86 million last month to 7.44 million, dropping to the lowest level in three and a half years, far below the expected 7.99 million. This data indicates a decline in demand for labor, with businesses waiting for economic acceleration. This is the lowest job vacancy figure since January 2021.

The JOLTS job vacancy report is one of the labor force indicators that US Treasury Secretary Yellen values most when she served as the chair of the Fed. This indicator is also data that the Fed is highly concerned about in the labor market.

Ahead of the Federal Reserve's next policy meeting on November 6th and 7th, traders will closely monitor more US economic data to be released later this week, including inflation and employment data, which may provide clues to the Fed's loose policy trajectory until 2025. Economists expect the Fed to cut interest rates by 25 basis points next week.

Due to gold's lack of interest, it can thrive in a low-interest rate environment and is seen as a means of hedging market volatility.

In terms of the Middle East situation, Reuters reported on Wednesday that the Gaza Health Ministry stated that Israel launched an attack on a residential building in the northern town of Beit Lahiya in Gaza on Tuesday, causing at least 93 Palestinians to die or go missing, with dozens injured. The US described it as a 'terrible incident.' Medical personnel said at least 20 children were among the dead.

(Screenshot source: Reuters)

The Gaza Health Ministry stated in a declaration: 'Some of the victims are still buried under the rubble and on the roads, emergency and civil defense personnel cannot reach them.' Later on Tuesday, Ismail Al-Thawabta, head of the Gaza Media Office, said the death toll had risen to 93.

Reuters reported that Israel did not immediately comment. The Israeli military often questions the death toll announced by Hamas media offices, claiming that these numbers are often exaggerated.

Video footage obtained by Reuters shows several bodies wrapped in blankets on the ground after a four-story building was bombed. More bodies and survivors are being rescued from the rubble, with neighbors joining in the rescue efforts.

Israel's main ally, the United States, expressed concern over the high casualty numbers. State Department spokesperson Matthew Miller described it as a "terrible event with terrible consequences."

Miller told reporters that U.S. officials have contacted the Israeli government to inquire about what happened. He also mentioned knowing that many of the reported casualties were children.

Supported by central bank buying and safe-haven demand sparked by Middle East and Ukraine conflicts, gold has surged more than a third this year. The U.S. presidential election is also a focus for investors, highlighting gold's role as a safe-haven investment amid election result uncertainties.

(Screenshot Source: Bloomberg)

According to polling website FiveThirtyEight, Trump's chances of winning have risen to 52%, while Vice President Harris' chances are at 48%. However, Harris still maintains a slight lead in most national polls.

Standard Chartered Plc analyst Suki Cooper stated in a report: "In the scenario of Trump winning, the market is concerned about the broader impact of tariffs and the inflationary pressure brought by such tariffs."

The well-known financial website Economies.com stated on Tuesday that the price of gold has shown a clear upward trend, breaking through $2758.40 per ounce and attempting to maintain above this level, implying that the gold price will halt the previous anticipated corrective bearish scenario and resume the major bullish trend.

(Spot gold 4-hour chart Source: Economies.com)

Economies.com pointed out that with the gold price closing above $2758.40 per ounce on Tuesday, this will push the gold price up to the next bullish target of $2783.00 per ounce.

At 09:09 Beijing time, spot gold was reported at $2779.26 per ounce.