Gold probing 5-day lows near $1,275/oz

The ounce troy of the precious metal is extending the weekly correction lower, currently around $1,275, near to session lows.

Gold in multi-day lows

Bullion is retreating for the third session in a row so far today, coming down after being rejected from recent YTD tops in the boundaries of the critical $1,300 handle (June 6).

The renewed bid tone around the greenback has been collaborating with the dwindling demand for the safe haven metal, while the recent testimony by former FBI Chief J.Comey failed to spark any bout of risk-off sentiment.

In fact, tracked by the US Dollar Index (DXY), the buck has managed to retake the 97.00 handle and above, while upbeat mood in US yields and prospects of further tightening by the Federal Reserve next week remains supportive of the bull run in USD.

Gold key levels

As of writing Gold is retreating 0.22% at $1,276.57 and a breakdown of $1,266.52 (38.2% Fibo of the May-June up move) would aim for $1,261.38 (55-day sma) and then $1,256.55 (50% Fibo of the May-June up move). On the other hand, the next hurdle is located 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).