Gold regains $ 1300 amid US election risk, 100-DMA eyed

After a brief phase of correction just below $ 1300 mark, gold prices regained poise and swung back above the last in response to fresh USD selling, as latest news related to the US elections weighed on the sentiment.

Gold supported above 50-DMA

Currently, Comex gold futures trade -0.11% lower at fresh session highs of $ 1306.75, having found some solid bids near 1297 region. Gold is seen making fresh attempts to retest monthly tops reached at 1307 a day before, as prevalent risk-off market profile aid Asian the recovery in gold.

A fresh risk-off wave hit the markets on reports from Fox News Channel that "indictment is likely" for Clinton Foundation, which boosted the safe-haven gold at the expense of the US currency.

The US election-led uncertainty is likely to keep the bullion underpinned, as we head towards the much-awaited US payrolls data due tomorrow. While impact of the hawkish FOMC statement almost faded as focus solely remains on the US elections due next week.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1310 (round figure) and 1314.25 (100-DMA). Meanwhile, the support stands at 1297 (daily low) below which doors could open for 1293.44 (50-DMA).