Gold prints session highs above $1,230 as Democrats gain ground in Florida

• Gold printed intraday highs above $1,230 a few minutes before press time, as the US dollar - its biggest nemesis - is being offered on speculation that Democrats may gain control of the lower House.
• The safe-haven metal faces stiff resistance at $1,240. A violation there would strengthen the bull grip on the yellow metal.

Gold is reporting moderate gains at $1,229, having clocked a high of $1,232 earlier today.

The positive price action is likely associated with the drop in the US dollar. The greenback is being offered across the board in Asia as Democrats seem to be gaining ground in Florida.

It is widely believed that Democrats, if they take control of the lower house, would use the majority to pursue investigations into Trump's Russia ties and Russian meddling, leading to a political turmoil in Washington.

Also, a majority Democratic House may move to raise at least five taxes related individual Americans, corporations, and heirs of the dead.

As a result, the dollar index - currently down 0.37 percent at 95.96 - may drop further, lifting the yellow metal higher if Democrats continue to put on a good show. As per latest reports, Democrats are set to take House seat from Republicans in key Virginia race.

Gold Technical Levels