Dollar weakness continues into European trading as gold touches $1,293 against the USD
The USD continues to be heavily pressured as European markets open, and spot gold has now reached its highest level in a month against the dollar.
Today, it broke free of the 100-day MA (red line) but the next key level at $1,300 looms large. It sits near the 38.2 retracement level @ $1,299.27 from the July to August upward swing. This was a level previously rejected in November as well.
There really isn't much that's at play in the gold space right now. Commodities in general are benefiting from the weaker dollar - and that's lifting prices higher. All eyes may be focused on copper in the commodity bloc, but gold has been quietly building some momentum after bouncing off the 76.4 retracement level at $1,240.94.
