Gold stuck at weekly pivot resistance during the US Presidential debate

Gold is having a tough time taking out $1272.36 (weekly classic R2) as investors remain glued to the third and final US Presidential debate.

Gold trades above 200-DMA

The metal closed above 200-DMA and currently trades above the moving average level seen around $1266. Investors remain focused on US Presidential debate, which as of now remains inconclusive. Heading into the debate, Clinton had a 9 point led over Trump, which has been cheered by financial markets for last few days.

At the time of writing, Mexican Peso is under pressure, which suggests Trump could be gaining an upperhand. However, the safe haven metal is still struggling to take ouyt pivot resistance.

Gold Technical Levels

A break above $1272.36 (weekly classic pivot R2) would open doors for $1288.80 (May 16 high). A violation there would expose $1300 (zero figure). On the other hand, a breakdown of support at $1266 (200-DMA) could yield a re-test of $1253 (23.6% of 2011 high – 2015 low) and $1241.50 (Oct 7 low).