Gold Price Analysis: XAU/USD fades spike above 50-day SMA as President Trump leads in Florida

• Gold erases gains as the dollar regains poise. 
• Risk assets drop as President Trump leads in Florida.

Gold has fallen back below the 50-day simple moving average (SMA) with the New York Times US elections gauge showing President Trump leading in the key state of Florida, which has proposed ballots weeks before election day and whose results should be out in the next hour or so. 

The yellow metal is now trading largely unchanged on the day near $1,909, having put in a high of $1,917 early today. The 50-day SMA is currently located at $1,913. The American dollar, gold's biggest nemesis, is recovering the lost ground. The dollar index, which tracks the greenback's value against majors, has bounced to 93.44 from the session low of 93.09. 

"That haven bid [for the dollar] hasn’t disappeared after all as traders take in the Florida data and realize this process will not be as smooth as they want it to be," Kriti Gupta, markets reporter at Bloomberg noted in a live blog. 

Risk assets such as the S&P 500, and commodities, too, have come off session highs with the blue wave or Democratic sweep looking less likely. 

Technical levels