Gold sinks to lows around $1,260

Bullion has now accelerated its weekly downside to fresh lows near $1,260 amidst a persistent buying bias surrounding the greenback.

Gold tests multi-day lows

The ounce troy of the precious metal is losing further ground after yesterday’s volatile session saw the safe haven rallying to fresh tops near $1,320 just to close the day at daily lows near $1,270 following Trump’s victory.

Gold remains under pressure in light of the bid tone around the buck, while the broad-based upbeat sentiment around commodities seems to be running out of steam.

Additionally, expectations of a Fed’s rate hike in December are seen resuming their upside, pouring cold water over potential bullish attempts in the yellow metal and thus opening the door for a deeper decline.

Gold key levels

As of writing Gold is losing 0.55% at $1,267.07 and a breach of $1,262.50 (low Nov.10) would aim for $1,249.50 (low Oct.5) and finally $1,219.05 (50% Fibo retracement of the 2016 up move). On the other hand, the next hurdle lines up at $1,338.20 (high Nov.9) ahead of $1,344.45 (high Sep.23) and then $1,350.50 (high Sep.6).

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