Gold clings to gains near $1,250

The troy ounce of the precious metal is posting meagre gains at the beginning of the week, easing some ground from recent peaks around $1,250.

Gold keeps highs post-Payrolls

The yellow metal is so far managing to remain in the upper end of the range near recent tops following Friday’s gain of more than $30 in the wake of the disappointing results from US Non-farm Payrolls during May (38K).

A better tone in the greenback today seems to have poured cold water over last week’s jump from the $1,210 area, all against the backdrop of a cautious tone amongst traders in light of today’s speech by Chief J.Yellen.

Gold key levels

As of writing Gold is advancing 0.06% at $1,243.65 facing the next hurdle at $1,280.70 (high Mar.11) followed by $1,287.80 (high May 16) and finally $1,304.40 (2016 high May 2). On the other hand, a breakdown of  $1,199.00 (low May 31) would aim for $1,193.60 (low Feb.16) and finally $1,166.98 (200-day sma).