Gold advances above $1,230/oz

Pablo Piovano FXStreet

The troy ounce of the precious metal is posting moderate gains at the beginning of the week, advancing above the $1,230 handle.

Gold firmer on weaker Dollar

Buyers in Bullion seem to have re-emerged today and are now helping the yellow metal to revert four consecutive sessions with losses, lifting the ounce above $1,230 amidst a weaker tone around the buck.

The recent events from North Korea has fuelled the demand for the safe have metal against a backdrop of a pick up in the sentiment for the risk aversion.

However, further gains in Gold appear somewhat limited in light of the increasing expectations of a Fed’s move at the March meeting. In fact, the probability of a rate hike next week remains above 85% according to agency Reuters’s Fedwatch and based on Fed Funds futures prices.

Later in the session, US Factory Orders and the speech by Minneapolis Fed N.Kashkari should keep the attention on the buck.

Gold key levels

As of writing Gold is gaining 0.50% at $1,232.55 and a breakout of $1,247.60 (high Mar.2) would open the door to $1,260.95 (200-day sma) and then $1,263.10 (high Feb.27). On the other hand, the next support aligns at $1,222.90 (low Mar.3) ahead of $1,217.30 (low Feb.15) and finally $1,209.74 (100-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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