Gold accelerates the decline to $1,340

The troy ounce of the precious metal is slightly lower on Monday, keeping the area around $1,340 amidst a generalized absence of drivers in the global markets.

Gold lower on USD buying

The bid tone around the greenback continues to weigh on the demand for the yellow metal for the time being, as expectations of a rate hike by the Fed at some point in the next months have gathered traction after the strong results from July’s Non-farm Payrolls (255K).

The yellow metal is navigating multi-day lows in the $1,330/40 band, posted in the wake of last Friday’s Payrolls, with the upside somewhat limited amidst upbeat sentiment around the US dollar.

Gold key levels

As of writing Gold is losing 0.22% at $1,341.45 facing the next support at $1,312.80 (low Jul.21) followed by $1,301.34 (23.6% Fibo of the 2016 up move) and finally $1,280.90 (100-day sma). On the other hand, a break above $1,366.00 (high Aug.2) would expose $1,374.90 (2016 high Jul.6) and then $1,391.40 (2014 high Mar.17).