Gold rose to 3-day tops near $1,280/oz

The ounce troy of the precious metal saw its demand boosted following poor releases from the US docket earlier in the session, reaching fresh 3-day tops arund $1,280.00.

Gold now looks to data

Bullion gathered extra traction and is now reverting a 5-day negative streak after US inflation figures and retail sales for the month of May have disappointed investors’ expectations.

The results hurt the buck, forcing the US Dollar Index to not only give away its daily gains but also to record a fresh 2017 low near 96.40.

Ahead in the session, the FOMC meeting is expected to deliver another rate hike, taking the Fed Funds target range to 1.00%-1.25%. Market participants will also pay close attention to the press conference by Chair J.Yellen, the ‘dots-plot’ and any hint of the Fed’s plans to start reducing its balance sheet.

Gold key levels

As of writing Gold is advacing 0.79% at $1,277.86 with the next resistance emerging at $1,291.50 (high Jun.8) followed by $1,298.80 (2017 high Jun.6) and finally $1,318.60 (high Nov.9 2016). On the other hand, a breach of $1,266.52 (38.2% Fibo of the May-June up move) would expose $1,262.07 (55-day sma) and then $1,256.55 (50% Fibo of the May-June up move).