Gold falls below $1180, eyes November lows

A stronger US dollar across the board pushed XAU/USD to the downside. Greenback gained momentum after better-than-expected US data and amid a decline in US bond yields. 

Gold dropped below $1180 and fell to $1174.50 hitting the lowest level since last Friday. It was trading around $1177, almost $20 below daily highs. During the Asian session, the yellow metal climbed toward $1195, but ounce again that area capped the upside. 

Eyes on November lows 

For the first time since the beginning of the week, gold broke below $1180. A consolidation around current levels could expose the November low, that reached last week at $1170. If it falls below, gold would be trading at the lowest since February. 

To the upside, the metal needs to break above $1195 in order to clear the way for a potential stronger recovery. In the short-term, if it manages to avoid a consolidation below $1180, the bearish pressure could decline.