Gold firmer, focused on $1,250/oz
|The softer tone around the greenback helped the safe haven metal to clinch fresh 3-week tops near the key $1,250 handle per ounce on Friday.
Gold boosted by USD-selling
The ounce troy of the precious metal is advancing for the sixth consecutive session so far and trading in fresh 3-week tops on the back of mounting pressure around the greenback.
In fact, tracked by the US Dollar Index, the buck dropped to fresh 13-month lows in sub-94.00 level on Thursday in response to another round of the Trump-Russia scandal, this time fuelled by comments by special counsel Robert Mueller.
In the meantime, Bullion remains well bid near the $1,250 area, a tough resistance barrier where converge the 55- and 100-day sma along with the 50% Fibo retracement of the June-July decline.
Gold key levels
As of writing Gold is gaining 0.09% at $1,246.57 and a breakout of $1,247.94 (55-day sma) would expose $1,249.32 (100-day sma) and then $1,251.40 (50% Fibo of June-July drop). On the downside, the next support aligns at $1,240.21 (38.2% Fibo of June-July drop) seconded by $1,232.74 (21-day sma) and finally $1,229.93 (10-day sma).
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