Gold retreats from highs, around $1,290.00/oz

After recording fresh YTD tops above $1,306.00 on Friday, the ounce troy of the precious metal has returned to the $1,293 area at the beginning of the week, keeping decent gains for the day.

Gold up on USD-selling

The now offered bias around the buck is lending extra support to the yellow metal on Monday, which has found initial contention in the vicinity of the 10-day sma around $1,285/oz earlier in the session.

Gold lost upside impetus on Friday after reaching fresh cycle highs around $1,306 in response to the latest news from the White House on Friday, noting that Trump’s advisor S.Bannon has stepped down.

In addition, rising skepticism around the likelihood of further tightening by the Federal Reserve and on the ability of the Trump’s administration to deliver its promises of tax reforms and fiscal stimulus continue to bolster the upside momentum around the safe haven metal.

Looking ahead, Bullion should be under pressure in light of the upcoming Jackson Hole Symposium, due in the second half of the week.

Gold key levels

As of writing Gold is up 0.15% at $1,293.69 and a break above $1,306.90 (2017 high Aug.18) would aim for $1,318.60 (high Nov.9 2016) and finally $1,344.45 (high Sep.23 2016). On the downside, the immediate support emerges at $1,285.70 (10-day sma) followed by $1,262.62 (23.6% Fibo of the July-August up move) and then $1,276.31 (21-day sma).