Gold under pressure, near $1,300 ahead of Yellen

The ounce troy of the precious metal is trading on the defensive on Tuesday, currently hovering just over the key $1,300 handle.

Gold weaker on USD-buying, eyes on Fedspeak

Bullion is reverting two consecutive sessions with gains today, coming down to the $1,300 neighbourhood after briefly testing the $1,315 area on Monday and earlier today.

The better sentiment around the greenback has lifted the US Dollar Index to fresh multi-day tops in the boundaries of the key barrier at 93.00 the figure in early trade, although it has lost some shine since then.

Ahead in the session, Gold should stay under scrutiny via USD-dynamics, as speeches by Chief J.Yellen, Cleveland Fed L.Mester (2018 voter, hawkish), FOMC’s L.Brainard (permanent voter, dovish) and Atlanta Fed R.Bostic (2018 voter) will likely focus on inflation and monetary policy.

Gold key levels

As of writing Gold is losing 0.58% at $1,303.83 facing immediate contention at $1,301.89 (38.2% Fibo of the July-September up move) seconded by $1,290.60 (55-day sma) and then $1,281.30 (low Aug.25). On the upside, a surpass of $1,324.06 (21-day sma) would open the door to $1,325.02 (23.6% Fibo of the July-September up move) and finally $1,362.40 (2017 tops Sep.8).