Gold keeps daily lows near $1,170

The ounce troy of the precious metal is suffering the renewed upside in the buck, navigating the area of lows near $1,170.

Gold weaker post-ECB

The yellow metal is giving away part of yesterday’s advance, deflating at the same time from today’s bull run to the vicinity of $1,180 during early trade.

Gold came under renewed selling pressure after the demand for the greenback has accelerated in response to the dovish message from the ECB at its meeting earlier today. The ECB has modified its QE programme, reducing its monthly purchases from April although it has not discussed any ‘tapering’.

Additionally, expectations of further tightening by the Federal Reserve in the next months keep the metal under heavy pressure just above multi-month lows in sub-$1,160 levels seen on Monday.

Gold key levels

As of writing Gold is losing 0.37% at $1,173.15 and a breach of 1,157.00 (low Dec.5) would aim for $1,129.90 (78.6% Fibo retracement of the 2016 up move) and finally $1,073.70 (low Jan.14). On the upside, the next hurdle is located at $1,180.55 (high Dec.8) ahead of $1,217.35 (high Nov.21) and then $1,219.05 (50% Fibo retracement of the 2016 up move).