Gold off highs, back around $1,260

The troy ounce of the precious metal seen its upside accelerated today, although the bull run has so far faltered ahead of the $1,270 level.

Gold in 3-week tops

The yellow metal is extending its rebound from recent multi-month troughs in the $1,200 neighbourhood (May 31), advancing to 3-week highs in the vicinity of $1,270 amidst increasing USD-selling.

Vanishing expectations of a rate hike by the Fed in the summer continue to punish the greenback, in turn adding extra legs to the rally in commodities and risk-associated currencies.

Gold key levels

As of writing Gold is advancing 1.35% at $1,263.80 facing the next hurdle at $1,280.70 (high Mar.11) followed by $1,287.80 (high May 16) and finally $1,304.40 (2016 high May 2). On the other hand, a breakdown of  $1,199.00 (low May 31) would aim for $1,193.60 (low Feb.16) and finally $1,168.33 (200-day sma).