Gold up smalls above $1,350 on USD selling

The troy ounce of the precious metals is clinging to its overnight gains so far today, meandering around the $1,355 area following US data releases.

Gold bolstered by dovish FOMC

Bullion remains well supported by the offered bias around the greenback, as the FOMC minutes have reinforced the ‘wait-and-see’ stance from the Federal Reserve, giving at the same time no potential timing for the next rate hike.

According to CME Group’s FedWatch tool, the probability of higher rates at the December meeting has been reduced to just above 40%, while market participants have practically ruled out a rate hike next month.

In the meantime, the yellow metal is clinching its second consecutive week with gains, now targeting August’s peak at $1,366 ahead of YTD peaks at $1,374.90 (July 6).

Gold key levels

As of writing Gold is gaining 0.50% at $1,355.55 facing the next hurdle at $1,366.00 (high Aug.2) ahead of $1,374.90 (2016 high Jul.6) and then $1,391.40 (2014 high Mar.17). On the other hand, a breach of $1,322.17 (55-day sma) would aim for $1,312.80 (low Jul.21) and then $1,301.34 (23.6% Fibo of the 2016 up move).