Gold challenges lows near $1,160/oz

Pablo Piovano FXStreet

The ounce troy of the precious metal keeps losing ground on Friday, hovering over $1,165 and paving the way for a potential test of recent lows in sub-$1,160 levels.

Gold lower on USD rebound

Bullion keeps its bearish note for the second session in a row today, challenging Monday’s troughs in the sub-$1,160 level amidst a solid pick up in the demand for the greenback.

In fact, the Dollar managed to revert its weekly losses and is now on its way to close the week in the positive territory - mainly due to yesterday’s dovish message delivered by the ECB at its meeting – all weighing on the USD-denominated assets and collaborating with the metal’s downside in particular.

Ahead in the session, the buck will remain in centre stage in light of the release of the advanced figures of the Consumer Sentiment for the current month, although trading conditions should get thinner ahead of the critical FOMC meeting on December 14.

Gold key levels

As of writing Gold is losing 0.57% at $1,165.80 and a breach of 1,157.00 (low Dec.5) would aim for $1,129.90 (78.6% Fibo retracement of the 2016 up move) and finally $1,073.70 (low Jan.14). On the upside, the next hurdle is located at $1,180.55 (high Dec.8) ahead of $1,217.35 (high Nov.21) and then $1,219.05 (50% Fibo retracement of the 2016 up move).

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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