Gold bounces off lows, back near $1,330.00/oz
|After bottoming out near $1,320, the ounce troy of the precious metal has now managed to regain some attention and is back trading around $1,330.
Gold sticks to daily gains
Bullion clings to its daily gains so far on Thursday, as the greenback has retraced the earlier spike to fresh tops when tracked by the US Dollar Index in the wake of better than expected results from US inflation figures.
In fact, both headline and core consumer prices surprised to the upside in August, while initial claims rose 284K WoW vs. 300K initially estimated, all pushing DXY to test multi-day peaks near 92.70, although giving away those gains soon afterwards.
In the meantime, prices for the safe haven metal are recovering some ground lost after three consecutive daily pullbacks, looking to consolidate the drop from fresh 2017 tops around $1,362 seen on September 8.
However, market chatter regarding the potential implementation of the tax reform by the White House and speculations of further tightening by the Federal Reserve towards year-end remain poised to keep Gold under pressure in the near to medium terms.
Gold key levels
As of writing Gold is gaining 0.10% at $1,329.66 facing the immediate hurdle at $1,337.96 (10-day sma) followed by $1,362.40 (2017 high Sep.8) and finally $1,374.90 (high Jul.13 2016). On the other hand, a breach of $1,319.36 (21-day sma) would open the door to $1,301.89 (38.2% Fibo of the July-September up move) and then $1,277.89 (55-day sma).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.