Gold consolidates below $ 1280 ahead of a Big week

Gold extends its bullish momentum for the second straight session this Monday, and now consolidates Friday’s massive rally amid renewed buying interest seen behind the US dollar.

Gold supported above $ 1275

Currently, Comex gold futures trade +0.10% higher at 1278.05, struggling hard to take-out key resistance placed around $ 1280.50. Gold moved-off three-week highs reached last Friday, but manages to defend mild gains amid persisting risk of market profile backed by FBI re-opened investigations into Clinton’s case, involving use of a personal email server.

However, the upside seems limited amid resurgence of the demand for USD against its major peers as we step into FOMC policy meeting week, with markets widely pricing-in a Dec Fed rate hike.

Next in focus for the major remains the developments surrounding US presidential elections scheduled next week. In the meantime, the bullion will closely eye the upcoming US fundamentals, including today’s core PCE price index and Chicago PMI data.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1280.45 (round figure) and 1285.15 (3-week high). Meanwhile, the support stands at 1275.50 (Oct 28 low) below which doors could open for 1270 (round figure).