Gold off lows, looking to regain $1,330

After dropping to session lows near $1,325, the troy ounce of the precious metal has picked up some pace and is now approaching $1,330.

Gold attention to Fedspeak

Bullion remains under pressure after last week’s rejection from tops around the key $1,350 level, following rising speculations of a rate hike by the Federal Reserve at some point in the next months.

The speech by FOMC’s L.Brainard (dovish) is regarded as key by market participants when comes to a probable move (or not) by the Fed. Investors will remain vigilant on Brainard’s stance and whether it falls in line with recent hawkish comments by her FOMC peers.

Gold key levels

As of writing Gold is losing 0.42% at $1,328.85 and a break below $1,305.70 (100-day sma) would open the door to $1,301.50 (low Sep.1) and finally $1,255.83 (38.2% Fibo of the 2016 up move). On the other hand, the initial hurdle is located at $1,336.89 (55-day sma) followed by $1,350.50 (high Sep.7) and then $1,366.00 (high Aug.2).