Gold losing the grip near $1,250.00/oz

Pablo Piovano FXStreet

The troy ounce of the precious metal is under pressure on Wednesday, trading on the defensive around the key $1,250 level.

Gold lower on USD-buying

Prices for the yellow metal are losing ground for the second session in a row today after being rejected from Monday’s tops above $1,257.00.

The firmer recovery of the buck, sustained on solid results from the US docket and supportive Fedspeak prompted Gold-bears to resurface and drag bullion back to the vicinity of $1,245 during early trade, where seems to have found some support.

Gold should stay under pressure ahead in the day with eyes on UK’s triggering of Article 50, US data and more Fedspeak (Williams, Rosengren and Evans).

Dallas Fed and voting member R.Kaplan (hawkish) said on Tuesday that more rate hikes are likely as long as the economy continues on its current track, while Governor J.Powell remarked the uncertainty that still prevails over Trump’s fiscal plans and their potential impact on the economy.

Gold key levels

As of writing Gold is retreating 0.43% at $1,250.15 facing the next support at $1,244.80 (low Mar.23) seconded by $1,243.19 (23.6% of March up move) and then $1,234.21 (38.2% of March up move). On the other hand, a surpass of $1,257.70 (high Mar.27) would open the door to $1,263.10 (2017 high Feb.27) and finally 1,307.00 (high Nov.2 2016).

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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