Gold tests highs above $1,250/oz, Fedspeak eyed

The troy ounce of the precious metal has inched higher to fresh session tops above the $1,250 level on Monday.

Gold propped up USD-wweakness

Bullion managed to leave behind the initial offered bias and it has recovered the positive territory as the selling bias around the buck still prevails.

Positive results from the ISM Manufacturing for the month of March have passed unnoticed by the buck, while upcoming Fedspeak could bring in some volatility to the markets, particularly in light of last week’s hawkish comments by FOMC’s Rosengren and Dudley.

In the meantime, the yellow metal is looking to consolidate its advance, facing the interim target at the key 200-day sma around $1,257.

Gold key levels

As of writing Gold is gaining 0.20% at $1,253.45 and a surpass of $1,257.78 (200-day sma) would open the door to $1,263.10 (2017 high Feb.27) and finally 1,307.00 (high Nov.2 2016). On the other hand, the next support lines up at $1,244.80 (low Mar.23) seconded by $1,243.19 (23.6% of March up move) and then $1,234.21 (38.2% of March up move).