Gold jumps to 200-DMA on early lead for Trump

Gold prices strengthened to 200-DMA level of $1280 on reports Trump won in Kentucky and Indiana, while Clinton won in Vermont.

Rebounds from $1268

Prices recovered from the low of $1268 on reports of Trump leading the way, however, the gains have been capped around $1280 levels. At the time of writing, the metal was trading around $1276 levels.

The volatility is likely to rise further as and how the key state polls hit the wires.

Gold Technical Levels

Key resistance levels are $1280 (200-DMA), $1287 (5-DMA) and $1300 (zero figure). Meanwhile, strong support is seen at $1261.90 (Oct 28 low), $1253 (23.6% of 2011 high – 2015 low) and $1241.50 (Oct 7 low).