Gold stays in 3-week highs near $1,245

The ounce troy of the precious metal stays within familiar range so far today, deflating a tad from yesterday’s tops around $1,253.00 and hovering over $1,245 for the time being.

Gold consolidating in multi-week peaks

The yellow metal has recovered the majority of the February-March drop, although the upside appears to have found strong resistance above the key $1,250 level so far.

Bullion stays cautious amidst the persistent sideline theme around the greenback, all ahead of the key House Republican vote on the American Health Care Act, postponed yesterday and expected to be voted later today.

In addition, speeches by New York Fed W.Dudley (permanent voter, centrist) and San Francisco Fed J.Williams (2018 voter, centrist) should keep the interest alive around the buck along with February’s Durable Goods Orders and advanced Manufacturing PMI for the current month.

Gold key levels

As of writing Gold is down 0.12% at $1,245.65 facing the immediate support at $1,240.50 (low Mar.24) followed by $1,237.54 (61.8% of February-March drop) and finally  $1,220.37 (55-day sma). On the other hand, a surpass of $1,253.15 (high Mar.23) would expose $1,258.36 (200-day sma) and then $1,263.10 (2017 high Feb.27).