Gold hits 2-month low on debt talks progress and upbeat US data.

Gold futures traded briefly below the 100-day moving average at $1939.50, down $22.90 or 1.17% at $1941.70, as hope of a potential debt-ceiling resolution advances. Both Republican and Democratic leaders have expressed optimism that current negotiations will lead to a deal with legislation that raises the debt ceiling before the XDate occurs. A potential upcoming deal that would resolve the debt ceiling crisis has pressured gold dramatically lower now for the fourth consecutive day. On a technical basis, gold breached a Fibonacci 50% retracement today of $1947.80.