Gold in 5-week tops near $1,360

The ounce troy of the precious metal is extending its rebound from recent lows in the $1,300 neighbourhood, currently approaching the $1,360 area.

Gold focus on Beige Book, Fedspeak

The renewed selling bias around the greenback has given fresh legs to the rally in Bullion, which is so far advancing for the third session in a row and gaining more than 4% since lows in the $1,300 handle seen at the beginning of the month.

Recent disappointing figures from the US docket has poured cold water over expectations of a Fed’s rate hike as soon as this month, supporting in turn the demand for the yellow metal.

Ahead in the session JOLTs Job Openings is due along with speeches of Richmond Fed Chief J.Lacker (non voter, hawk) and KC Fed President E.George (voter, hawk), all followed by the Fed’s Beige Book later in the NA session.

Gold key levels

As of writing Gold is up 0.04% at $1,353.95 and a break above $1,357.45 (high Sep.7) would open the door to $1,366.00 (high Aug.2) and finally $1,374.90 (2016 high Jul.6). On the other hand, the immediate support lines up at $1,301.50 (low Sep.1) followed by $1,312.80 (low Jul.21) and then $1,301.34 (23.6% Fibo of the 2016 up move).