Gold in a narrow range below $1,230/oz

The precious metal has retreated from tops around $1,230 per ounce troy on Friday, currently navigating the middle of the range near $1,227.

Gold lower on USD demand

Bullion is extending the weekly decline today, coming down to the vicinity of $1,220 after being rejected from recent 3-month tops in the boundaries of the $1,245 per ounce.

The persistent recovery of the greenback has been undermining the sentiment surrounding the yellow metal, limiting gains to levels just above $1,240 seen earlier in the week.

Looking to the broader picture, Gold’s upside momentum since late December remains well and sound, advancing in five out of the last eight weeks although finding quite tough resistance in the proximity of $1,250, where converge the 55-week sma and the 38.2% Fibo retracement of the 2016 up-move.

Gold key levels

As of writing Gold is retreating 0.90% at $1,225.65 and a breakdown of $1,216.36 (100-day sma) would aim for $1,185.60 (low Jan.26) and then $1,179.72 (55-day sma). On the flip side, the next up barrier is located at $1,243.90 (high Feb.8) followed by $1,261.93 (200-day sma) and finally $1,318.60 (low Nov.9 2016).