After clinching tops near $1,233, the ounce troy of the precious metal has now come under some selling pressure following the rebound in the buck.
December 3, GKFX – The yellow metal picked up extra traction and managed to clinch fresh 2-month tops in the boundaries of $1,233 per ounce in response to the initial weak tone surrounding the greenback.
Gold looks to risk trends, US data
In fact, the buck edged lower during early trade following easing concerns on the US-China trade front after the Trump-Xi 90-day truce reached at the G20 event over the weekend.
Looking ahead, today’s up move in Gold should be under scrutiny in light of the upcoming key US ISM manufacturing and critical FOMC speakers, including Clarida, Brainard, Quarles and Williams.
Gold price forecast
As of writing Gold is gaining 0.51% at $1,228.48 and a breakout of $1,232.30 (high Dec.3) would open the door to $1,243.73 (high Oct.26) and finally $1,257.81 (200-day SMA). On the flip side, the next up barrier is located at $1,220.04 (21-day SMA) followed by $1,196.29 (monthly low Nov.13) and then $1,180.74 (monthly low Sep.28).
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