Gold clings to gains near $1,280

The ounce troy of the precious metal remains in a very tight range on Tuesday, hovering over the $1,280 area, near the key 200-day sma.

Gold focus on US elections

Prices for the yellow metal are posting marginal gains so far today, keeping the area of recent lows near the $1,280 area following Monday’s deep pullback.

It is worth recalling that Bullion dropped yesterday following a pick up in the risk-on trade as markets reacted positively after the FBI cleared candidate H.Clinton over her email investigations.

The demand for the yellow metal remains somewhat subdued on Tuesday against a backdrop of increasing speculations on a potential win by H.Clinton. Latest election polls today showed the Democratic candidate is leading by 2-4 pts.

Gold key levels

As of writing Gold is gaining 0.11% at $1,280.85 facing the next resistance at $1,297.80 (55-day sma) ahead of $1,307.00 (high Nov.3) and then $1,316.11 (100-day sma). On the other hand, a breach of $1,280.20 (low Nov.7) would aim for $1,249.50 (low Oct.5) and finally $1,219.05 (50% Fibo retracement of the 2016 up move).

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