Gold turns positive, rebounds above $1,220

The ounce troy of the yellow metal is posting small gains on Wednesday, currently hovering over $1,226 ahead of US data releases.

Gold weaker on USD buying

The continuation of the USD-rally keeps undermining any bullish attempt in Bullion for the time being.

In the same line, expectations of a rate hike by the Federal Reserve at the December meeting continue to weigh on the precious metal, which lost more than 7% since last week’s spike to the vicinity of $1,320 in the wake of the US elections.

The metal seems to have found some decent support around Monday’s lows near $1,210, although it remains in a tight range in the area of 5-month lows.

Gold key levels

As of writing Gold is up 0.15% at $1,226.35 facing the next hurdle at $1,232.95 (high Nov.16) followed by $1,282.35 (200-day sma) and finally $1,307.00 (high Nov.2). On the downside, a breach of $1,211.00 (low Nov.14) would expose $1,199.00 (low May 31) and finally $1,182.27 (61.8% Fibo retracement of the 2016 up move).

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