Gold extends the rally near $1,260/oz

Pablo Piovano FXStreet

The ounce troy the precious metal is prolonging the rally at the beginning of the week, now testing the vicinity of the $1,260/oz area.

Gold attention to FOMC, US data

Bullion is trading on a firm note on Monday, as market participants continue to adjust expectations ahead of the FOMC meeting on Wednesday and the release of the US GDP data for the second quarter, due on Friday.

In addition, the demand for the yellow metal stays underpinned by the persistent effervescence around the US politics, with all the attention this week on another attempt by the Senate to repeal ‘Obamacare’ and headlines coming from the Russia-gate.

Expectations of a more gradual approach from the Fed to its tightening cycle are also lending fresh legs to the rally. Currently, and according to CME Group’s FedWatch tool, the chances of a third rate hike at the December meeting stays at just above 43%.

Gold key levels

As of writing Gold is gaining 0.13% at $1,256.55 and a breakout of $1,260.00 (high Jun.23) would expose $1,262.59 (61.8% Fibo of the June-July drop) and then $1,284.20 (high Jun.14). On the downside, the next support aligns at $1,249.75 (100-day sma) seconded by $1,248.67 (55-day sma) and finally $1,240.21 (38.2% Fibo of June-July drop).

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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