Gold stays in lows near $1,270/oz

Pablo Piovano FXStreet

The precious metal continues to retreat from last week’s tops near the $1,300 handle on Monday, with the ounce troy currently testing lows around $1,270.

Gold weaker post-French elections

Bullion has started the week on the back footing, as the demand for the safe haven metal continues to dwindle after centrist and pro-EU candidate Emmanuel Macron won yesterday’s presidential elections in France.

Macron finished with 23.8% of the votes, while far-right candidate Marine Le Pen came in second with 21.5% of the votes. However, both candidates will dispute the second round on May 7, with latest polls by OpinionWay suggesting Macron would win 61%-39%.

The yellow metal is ignoring the sharp pullback in the greenback, which continues to recede against the backdrop of rising risk-on sentiment.

Gold key levels

As of writing Gold is losing 1.28% at $1,272.61 and a break below $1,252.59 (200-day sma) would expose $1,248.20 (low Apr.10) and then $1,245.40 (low Apr.5). On the flip side, the next up barrier aligns at 1,290.10 (high Apr.21) seconded by $1,294.40 (high Apr.18) and finally $1,2997.40 (2017 high Apr.17).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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