Gold bounces off lows, stays above $1,250/oz

The ounce troy of the precious metal has started the week on the defensive, currently hovering above the $1,250 level.

Gold weaker on solid Dollar

The demand for the yellow metal stays somewhat subdued on Monday in response to a continuation of the USD-rally, which surpassed the critical 101.00 barrier when tracked by the US Dollar Index (DXY).

The yellow metal is coming down from Friday’s fresh YTD tops around $1,273 recorded in the wake of the disappointing figures from US Non-farm Payrolls during last month (98K).

Bullion is extending the sideline theme since late March around current levels, although the recent change in sentiment around the buck keeps weighing on the USD-denominated universe and continues to cap any bullish attempts.

Gold key levels

As of writing Gold is losing 0.41% at $1,252.15 and a break below $1,245.40 (low Apr.5) would open the door to $1,241.50 (low Mar.31) and then $1,231.81 (55-day sma). On the other hand, the initial hurdle lines up at $1,263.70 (high Apr.4) followed by $1,273.30 (2017 high Apr.7) and finally 1,307.00 (high Nov.2 2016).