Gold up smalls on USD-selling, still below $1,260

The ounce troy of the precious metal is posting marginal gains on Friday, currently navigating around $1,255 amidst a generalized USD correction.

Gold stays close to 4-week lows

The demand for the safe haven metal is showing some signs of life at the end of the week, although it remains in the area of 4-week lows and on its way to close its second consecutive week in the red territory.

Bullion has come lower from the boundaries of the critical $1,300 handle, or fresh 2017 tops seen earlier in the month, all against the backdrop of the recovery in the buck plus the hawkish message from the FOMC meeting on Wednesday.

Gold should stay under pressure in light of the speech by Dallas Fed R.Kaplan (voter, hawkish) later in the NA session as well as the flash reading of US consumer sentiment for the current month.

Gold key levels

As of writing Gold is advancing 0.23% at $1,257.45 and a breakout of $1,262.23 (55-day sma) would open the door to $1,266.52 (38.2% Fibo of the May-Jun rally) and finally $1,284.20 (spike pre-FOMC Jun.14). On the other hand, the initial down barrier emerges at $1,252.70 (low Jun.15) seconded by $1,248.63 (100-day sma) and then $1,246.58 (61.8% Fibo of the May-June rally).