Gold trades above $1300. S&P little changed in early trading.

Author: Greg Michalowski | Category: News

Gold moving above the 50 day MA  at $1299 level. S&P moves toward 200 day MA as election uncertainty increases.

Spot gold is trading above 1300 for the first time since early October. In the move, the price has moved above the 50 day MA at $1299 area.  Yesterday, the precious metal moved away from the 200 day MA at $1275.74 currently. The 100 day MA is the next target at $1315.27.  

Gold is being supported by US uncertainty from the election results mainly.  

The S&P index is little changed (-0.10% on the day - low 2105 and high 2111).  Looking at the daily chart, the index has stayed below the 100 day MA over the last 5-6 trading days (at 2145 currently). Yesterday, the index made more of a break lower as it too is concerned about uncertainty from the US election. The next key target comes in at t the 2081.25 level where the 200 day MA is currently located.   Back in June (after Brexit), the price dipped below that MA level for a day, before bouncing and trading higher.  Now we approach another key event and once again that MA may be tested. 

PS Facebook earnings after the close.

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