Gold intermarket: DXY and Stocks Trumped, sending gold to fresh highs

Gold has been on the bird with a swing in the election polls favouring Trump exactly one week away from the election which has roiled US markets and sent stocks considerably lower.

The S&P 500 index and Nasdaq Composite Index dropped again as Democratic presidential nominee Hillary Clinton was behind Donald Trump for the first time since May in the latest ABC News/Washington Post tracking poll, produced for ABC by Langer Research Associates. 

In the latest results, 46 percent of likely voters support Trump, and 45 percent are for Clinton. With the data taken to a decimal place for illustrative purposes, a mere 0.7 of a percentage point divides them.

The S&P 500 fell 14.59 points, or 0.7%, to 2,111.57, while gold rallied from a low of $1,275.57 to $1,291.99. Meanwhile the DXY has taken to the downside testing the 98 handle and USD/JPY has dropped to test the 104 handle, all of which are negatively correlated to gold with $1,300 as the key near-term target.