Gold capped by 200-day sma at $1,275

The ounce troy of the precious metal is marginally up today, just below $1,270 and recovering part of yesterday’s retracement.

Gold bid after US data

The demand for Bullion remains underpinned today after US Durable Goods Orders and Initial Claims have disappointed consensus, while Pending Home Sales have surprised to the upside in September.

Collaborating with the upside, CME Group’s FedWatch tool is now placing the probability of a rate hike by the Federal Reserve in December at just above 67%, a tad lower than yesterday’s 72%.

Looking to Friday’s docket, advanced US GDP figures during the third quarter are expected to show the economy has expanded at an annualized 2.7%, remaining USD-supportive.

Gold key levels

As of writing Gold is gaining 0.15% at $1,268.65 facing the next up barrier at $1,275.89 (200-day sma) followed by $1,277.15 (high Oct.26) and then $1,205.14 (55-day sma). On the downside, a breach of $1,249.50 (low Oct.5) would open the door to $1,219.05 (50% Fibo retracement of the 2016 up move) and finally $1,199.00 (low May.31).