• Gold price mires in multi-day troughs near $2730 as Americans head to polls.  
• The US Dollar licks its wounds after the Trump trades unwinding on Monday.                  
• Gold traders stay unnerved below the 23.6% Fibo level, despite bullish technicals.

Gold price is miring in five-day lows near $2,730 in Asian trading on Tuesday, lacking a clear direction. Traders remain wary and refrain from placing fresh bets on Gold price on the US presidential election day.  

All eyes on US presidential election, exit polls

Gold price has entered a phase of downside consolidation, following its slump from all-time highs of $2,790 reached last Thursday, in the face of resurgent US Dollar (USD) demand. The Greenback jumped back into the bid, capitalizing on the Trump trade optimism.

Until last week, markets were pricing in a Republican nominee Donald Trump victory in the presidential race. They believed Trump's policies on immigration, tax cuts and tariffs would put upward pressure on inflation, bond yields and the USD while a policy continuity is seen on a Harrish win.

However, the tide turned against the USD on Monday as traders resorted to the unwinding of the Trump trade, as the latest polls released over the weekend showed that US Democratic presidential candidate Kamala Harris surpassed Donald Trump in a new poll in Iowa, marking a notable turnaround.