Gold firmer around $1,350.00/oz, fresh 2017 tops

The ounce troy of the precious metal is extending its rally today, reaching fresh 2017 tops beyond the key 41,350 handle earlier in the session.

Gold up on USD-weakness

The continuation of the selling bias around the greenback has propelled Bullion to fresh 12-month tops beyond $1,350, where it is now looking to consolidate. In addition, USD derived extra selling pressure following poor results from the weekly report on initial claims, collaborating with DXY’s decline to fresh yearly lows near 91.40.

Recall that the yellow metal retreated on Wednesday after President Trump clinched an unexpected deal with Democrats, managing to extend the debt ceiling and ensuring government funding until mid-December.

USD shed further ground today after the ECB left unchanged its key rate, as widely expected, while President Draghi avoided any mention of the exchange rate, disappointing EUR-bears and accelerating at the same time the downside in the buck.

Gold key levels

As of writing Gold is gaining 1.02% at $1,352.74 facing the immediate hurdle at $1,366.00 (high Aug.2) seconded by $1,374.90 (high Jul.13 2016) and finally $1,391.40 (high Mar.14 2014). On the other hand, a breach of $1,331.10 (low Sep.5) seconded by $1,327.25 (10-day sma) and then $1,308.01 (21-day sma).