Gold retreats from highs, stays below $1,250 ahead of Trump

Pablo Piovano FXStreet

After hitting fresh multi-week peaks above $1,251 late on Wednesday, the precious metal has now returned to levels below the key $1,250.

Gold attention to Yellen, Trump

The yellow metal stays in 3-week tops nonetheless, recently supported by a pick up in the risk aversion while the bearish note surrounding the buck keeps lending oxygen to the USD-denominated universe.

It is worth noting that Bullion has accelerated its up move since the FOMC disappointed USD-bulls at its meeting last week despite raising the interest rate by 25 bp albeit eventually delivering a dovish message.

Looking ahead, the voting on the American Health Care Act will be the salient event today, will all the eyes on the potential impact on the buck.

Gold key levels

As of writing Gold is down 0.04% at $1,249.05 facing the immediate support at $1,243.50 (low Mar.22) followed by $1,237.54 (61.8% of February-March drop) and finally $1,219.10 (55-day sma). On the other hand, a surpass of $1,251.45 (high Mar.22) would expose $1,284.61 (200-day sma) and then $1,263.10 (2017 high Feb.27).

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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