Gold weaker below $1,290.00/oz

The safe haven metal stays on the defensive near $1,285/oz.
USD-buying keeps Gold under pressure.
Focus remains on Fed probable rate hike in December.

Pablo Piovano FXStreet

Bullion is losing ground for the second session in a row today, currently navigating the area below $1,290 amidst some recovery in the greenback.

Gold attention to Fed’s rate hike

The renewed buying interest around the buck keeps the downside pressure intact around the safe haven metal in the second half of the week, although the broader consolidative theme in Gold prevailing since late October stays unchanged for the time being.

On the USD-side, the probable rate hike by the Federal Reserve at the December meeting continues to weigh on the safe haven metal.

However, concerns over the lack of a pick up in inflation in the US economy as per recent comments by Chief Yellen and the FOMC minutes seem to have lent support to Bullion and are somewhat limiting the downside.

Gold key levels

As of writing Gold is down 0.23% at $1,289.17 and a breakdown of $1,285.56 (100-day sma) would expose $1,280.55 (21-day sma) and finally $1,274.10 (low Nov.11). On the other hand, the next upside barrier is located at $1,297.70 (high Nov.17) seconded by $1,308.40 (high Oct.16) and then $1,317.10 (high Sep.23).

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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