Gold bounces off lows, around $1,325

The demand for the precious metal remains subdued today, keeping the ounce troy in 2-week lows in the $1,325/20 band.

Gold focus on Fed, data

Bullion is trading marginally into the positive territory for the first time after five consecutive pullbacks, retreating from last week’s tops at $1,350 and finding some support at yesterday’s trough at $1.315.

Expectations of a Fed’s rate hike plus a cautious tone around the greenback ahead of key data in the second half of the week (retail sales, Philly Fed index, CPI, Consumer Sentiment among others) have been all weighing on Gold, keeping its sentiment depressed.

Gold key levels

As of writing Gold is up 0.23% at $1,326.65 and a break below $1,315.00 (low Sep.13) would aim for $1,305.85 (100-day sma) and finally $1,301.50 (low Sep.1). On the other hand, the initial hurdle is located at $1,336.29 (55-day sma) followed by $1,350.50 (high Sep.7) and then $1,366.00 (high Aug.2).