Gold remains in a tight range around $1250

Eren Sengezer FXStreet

Since breaking above the 200-DMA at the end of last week, the precious metal is having a difficult time setting a near-term direction. On Wednesday, the metal wavered in a $7 range with the daily high at $1254 and low at $1247. As of writing, the XAU/USD is at $1252.20, just 15 cents above yesterday's closing price.

Although the US dollar index is advancing for the second day in a row, Wall Street's mixed outlook is not allowing a sharp drop. At the moment, the DXY is at 99.90 recording a 0.38% daily gain. Peter Spina, president and chief executive officer of GoldSeek.com, noted that there is a bit of a battle under way as to where we are heading next.

On Wednesday, the UK government formally started the Brexit process by triggering Article 50 of Lisbon Treaty. The rocky Brexit road ahead coupled with the uncertainty within the EU politics could hurt Euro's appeal, making the greenback a more desirable alternative. However, Gold could continue to attract the investors as a safe haven, making it harder to forecast the next direction for the XAU/USD.

Technical outlook

The yellow metal is facing the first hurdle at $1258 (Mar. 28 high) ahead of $1261 (Mar. 27 high) and $1264 (Feb. 27 high). On the downside, with a drop below $1247 (200-DMA), $1235 (Mar. 20 high) and $1231 (50-DMA) could be targeted.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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