Gold retreats further to test hourly 100-SMA

A sudden selling-wave gripped the bullion in the Asian session, sending the rate lower towards the hourly 100-SMA support, as risk-off eased somewhat amid recovery in the Asian stocks.

Gold manages to hold above 50-DMA

Currently, gold trades -0.20% lower at 1335.50, moving slightly away from fresh session lows struck at 1334.38 in the last hour.  Gold extends its retreat from above $ 1340 barrier and now comes under fresh selling pressure as nerves calmed after the US election debate got underway, which led to a generalized rebound in the risk-sentiment.

Gold advanced on Monday amid global risk-aversion after the banking and financial sector stocks across the globe slumped, as the Deutsche Bank saga took centrestage. While increased cautiousness ahead of the OPEC meeting this week, also boosted the gold bulls a day before.  

Gold Technical Levels                                   

The metal has an immediate resistance at 1343.72 (2-week highs) and 1350 (round number). Meanwhile, the support stands at 1333 (50-DMA) below which doors could open for 1327 (10 & 20-DMA confluence).