Gold under pressure into US elections

Gold prices came under pressure on Monday as safe-haven demand plummeted after the FBI announced that it was closing its investigation into Clinton's emails.

Just two days ahead of the elections, FBI closed Clinton’s investigation bringing relief to markets as Clinton is seen as the status quo candidate.

Spot gold fell nearly 2% on Monday and hit a low of $1,279 an ounce in recent dealings. The metal rallied to 1-month high of $1,308 last week, as polls showed a tightening US presidential race.

XAU/USD levels to watch

In terms of technical levels, next supports are seen at $1,278 (200-day SMA), $1,271 (Oct 31 low) and $1,262 (Oct 28 low). On the flip side, resistances could be faced at $1,297 (50-day SMA), $1,308 (Nov 2 high) and $1,315 (100-day SMA).

To learn more about this topic, check our video analysis:

Gold from Tip TV Productions on Vimeo.