#XAU The U.S. midterm elections have concluded, with the Democrats winning. Gold broke above 3970 and surged to 4029. It is now consolidating at elevated levels, with the 4010–4030 zone in focus. The short-term upward momentum is strong, so I don't recommend betting on a pullback; there are no signs of a downward correction for now. Pay close attention to whether gold can hold above 4025. If it does, a further rally toward 4075 may follow. Also, the ADP data is due tonight. Based on the previous reading and the forecast, it is expected to be significantly bullish for gold. I personally expect the reported figure to come in above 69,000 but below 90,000. In that case, gold may fall first and then rise, so watch for a possible retest of 4070. If the figure comes in below 66,000, that would be strongly bullish for gold, with 4100 and 4180 as upside levels to watch.