Gold flirting with daily highs near $1,260

Pablo Piovano FXStreet

The troy ounce of the precious metal is trading on a firm note today, advancing to the vicinity of $1,260 area, or fresh daily highs.

Gold in multi-day tops

Bullion is up for the third consecutive session so far today and stays on its way to close the first week with gains after two consecutive retracements, while finding some decent support in the $1,240 area for the time being.

In the meantime, Gold is trading around the 50% Fibonacci retracement of the May-June rally, located around $1,256, always bolstered by the renewed offered bias surrounding the greenback.

The US Dollar Index (DXY) is testing weekly lows in the proximity of the 97.00 handle so far today, sustaining further the demand for the safe haven metal. However, prospects of further tightening by the Federal Reserve in H2 threatens to cap any bullish attempts in the yellow metal, despite mixed messages from FOMC speakers earlier in the week.

Gold key levels

As of writing Gold is advancing 0.73% at $1,258.56 and a breakout of $1,261.78 (100-day sma) would aim for $1,266.52 (38.2% Fibo of the May-Jun rally) and finally $1,284.20 (high Jun.14). On the other hand, the initial down barrier emerges at $1,250.67 (100-day sma) seconded by $1,246.58 (61.8% Fibo of the May-Jun rally) and then $1,241.70 (low Jun.21).

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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