Gold at 3-month highs above $1,260
|The continuation of the selling mood around the greenback is fuelling the upside in Gold to fresh 3-month tops beyond $1,260 per ounce troy, where sits the key 200-day sma.
Gold boosted by USD weakness
Prices for the precious metal has extended its weekly upside today, clinching the $1,260 region for the first time since early November 2016.
Bullion met extra buying interest today in response to the renewed offered bias around the buck, which is dragging the US Dollar Index to weekly lows in the 100.80 region.
In addition, expectations of a rate hike by the Federal Reserve at the March meeting have diminished somewhat following the FOMC minutes on Wednesday and the speech by US Treasury Secretary S.Mnuchin on Thursday, all giving extra wings to the upside in the yellow metal.
Gold key levels
As of writing Gold is gaining 0.66% at $1,259.00 facing the next up barrier at $1,287.50 (high Nov.10 2016) followed by $1,307.00 (high Nov.2 2016) and then $1,318.60 (high Nov.9 2016). On the downside, a break below $1,248.50 (low Feb.24) would expose $1,236.10 (low Feb.23) and finally $1,228.10 (low Feb.21).
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