Gold in red, consolidating below $1,250

The ounce troy of the yellow metal is posting marginal losses at the end of the week, currently gyrating around $1.255/56 per ounce.

Gold weaker on USD buying

Prices for the precious metal are extending its consolidative theme in the lower end of the range, trading in levels last seen in June around the mid-$1,200s amidst a broad-based sentiment favouring the buck.

The ongoing rally in the US dollar keeps weighing on the USD-denominated assets while market participants are adjusting to a potential rate hike by the Federal Reserve by year-end, all collaborating with another weekly decline in Gold prices (the third in a row).

According to CME Group’s FedWatch tool, the probability of further tightening by the Fed at the December meeting is just below 60% following today’s mixed results from the US docket and ahead of the speech by Chief J.Yellen at the Boston Fed Conference.

Gold key levels

As of writing Gold is losing 0.17% at $1,255.45 and a breakdown of $1,247.00 (low Oct.14) would aim for $1,219.05 (50% Fibo retracement of the 2016 up move) and finally $1,199.00 (low May.31). On the flip side, the initial up barrier is located at $1,268.57 (200-day sma) ahead of $1,317.97 (55-day sma) and then $1,344.45 (high Sep.23).

 

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