Gold in the middle of the range near $1,210

The ounce troy of the precious metal has managed to revert the initial drop to the key support at the $1,200 mark on Friday, advancing so far to the area of $1,210.

Gold so far supported around $1,200

The yellow metal remains in the area of multi-month lows near the psychological $1,200 mark at the end of the week, as the increasing demand for the greenback has been weighing on the sentiment around Bullion.

In addition, the buck remains well supported by the strength of the US economy, as shown by last week’s higher-than-expected retail sales and yesterday’s inflation figures and solid prints from Initial Claims and the housing sector, all adding to the case of a rate hike by the Fed in the very near term.

Adding to Gold weakness, the US Dollar Index has reached the mid-101.00s during overnight trading, levels last seen in March 2003.

Gold key levels

As of writing Gold is losing 0.48% at $1,211.50 facing the next support at $1,202.05 (low Nov.18) followed by $1,199.00 (low May 31) and finally $1,182.27 (61.8% Fibo retracement of the 2016 up move). On the upside, a surpass of $1,232.95 (high Nov.16) would expose $1,282.30 (200-day sma) and then $1,307.00 (high Nov.2).

To learn more about this topic, check our video analysis: