Gold prices decline as traders eye key support level ahead of U.S. election

Gold prices have been rising as traders seek safety ahead of the U.S. election and amid inflation concerns. Currently, gold is trading at $2,619.79, above the 100-day moving average of $2,534.81, which is crucial for long-term trends. Recently, gold has shown volatility, dropping from a high of $2,675 to a low of $2,610.52. The price is now approaching a key support area between $2,598 and $2,604, which traders are closely monitoring for potential further declines. If gold falls below the 38.2% retracement level at $2,598.06, it may indicate stronger selling pressure. A drop below this level could lead traders to focus on the 50% midpoint at $2,538.70 and the rising 100-day moving average at $2,534.80.