Gold down smalls near $1,255.00/oz, FOMC, data eyed

The troy ounce of the precious metal is posting marginal losses on Wednesday, currently hovering over the $1,255.00 area.

Gold attention on US data, FOMC, Trump

The yellow metal is fading part of yesterday’s advance although it stays close to multi-week tops just above $1,260.

Bullion remains under pressure in light of upcoming key US data (ADP report and Non-farm Payrolls) and the FOMC minutes of the March meeting, where the Federal Reserve raised the Fed Funds rate by 25 bp.

In addition, the safe haven metal would stay wary of the imminent meetings between President Donald Trump and Chinese President Xi Jinping (Thursday and Friday), with trade and North Korea on top of the agenda.

Gold key levels

As of writing Gold is losing 0.24% at $1,255.35 facing the next support at $1,246.40 (low Apr.3) seconded by $1,241.50 (low Mar.31) and then $1,229.34 (55-day sma). On the other hand, a break above $1,263.70 (high Apr.4) would open the door to $1,264.20 (2017 high Mar.27) and finally 1,307.00 (high Nov.2 2016).