Gold closer to $1,300 on USD weakness

Pablo Piovano FXStreet

The upside momentum around the yellow metal stays unabated on Monday, now pushing the troy ounce to the boundaries of the critical $1,300 barrier.

Gold firmer on USD selling

The persistent selling bias around the greenback is allowing Bullion to keep its upside stance intact for the time being and posting at the same time fresh 2017 tops in the $1,300 neighbourhood.

The offered tone in USD has intensified following last week’s comments by President D.Trump and lower-than-expected US Retail Sales and inflation figures gauged by the CPI for the month of March.

In addition, the demand for the safe haven metal remains supported by increasing geopolitical tensions in the Middle East and in Asia, particularly after the US attack to a Syrian air base and the continuing belligerent tone from North Korea.

Gold key levels

As of writing Gold is gaining 0.27% at $1,292.00 facing the next up barrier at 1,307.00 (high Nov.2 2016) and then $1,350.50 (high Sep.7). On the downside, a break below $1,288.50 (low Apr.17) would open the door to $1,273.80 (low Apr.12) and then $1,253.79 (200-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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