Gold weaker on FBI-Clinton, near 200-day sma

The ounce troy of the precious metal is trading on a softer tone at the beginning of the week, currently losing over 1% around $1,286.

Gold weaker ahead of US elections

Prices for the yellow metal are retreating from last week’s tops above the $1,300 mark after the FBI has cleared candidate H.Clinton of charges over the emails scandal on Sunday, triggering a wave of risk-on sentiment as a consequence.

The demand for the safe haven remains depressed and is threatening to send Bullion to challenge the key 200-day sma, currently just above $1,281, all against the backdrop of rising buying interest around the buck in response to markets’ perception (hope?) that Hillary Clinton could be the next US President.

Gold key levels

As of writing Gold is retreating 1.38% at $1,286.55 facing the next support at $1,281.49 (200-day sma) followed by $1,249.50 (low Oct.5) and finally $1,219.05 (50% Fibo retracement of the 2016 up move). On the other hand, a surpass of $1,298.12 (55-day sma) would expose $1,307.00 (high Nov.3) and then $1,316.28 (100-day sma).

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