Gold flat around $1,230 ahead of US data, Fedspeak

The ounce troy of the precious metal is trading almost unchanged at the beginning of the week, currently hovering over the $1,230 area.

Gold stays in 3-week tops

Prices for the yellow metal are navigating a tight range on Monday, managing well to keep the trade in the area of 3-week peaks in the $1,230 region and looking at the same time to extend the upside for the third session in a row.

In addition, the current recovery of the greenback is collaborating with the lack of traction in the metal, as the US Dollar Index has so far managed to revert the initial negative mood and is now flirting with the positive territory.

The demand for the safe have metal has recovered the smile in response to the dovish rate hike from the FOMC, with the Committee reasserting its intentions to raise rates in a gradual fashion.

Gold key levels

As of writing Gold is up 0.05% at $1,230.85 and a surpass of $1,233.45 (high Mar.16) would expose $1,243.90 (high Feb.8) and then $1,263.10 (high Feb.27). On the other hand, the immediate support is located at $1,221.76 (38.2% of February-March drop) ahead of $1,218.00 (low Mar.16) and finally $1,214.13 (55-day sma).