Gold rebounds from 3-day lows and rises above $1,320

FXStreet (Córdoba) - Gold gained momentum after US data and climbed above $1,320 and recently printed a fresh high at $1,324.60. The yellow metal surged after bottoming during the Asian session at $1,310.

Price action continues to move sideways around $1,320 consolidating near monthly highs. Yesterday the value of the ounce peaked at $1,326 but failed to hold to gains.

A weak US dollar pushed XAU/USD to the upside today, consolidating weekly gains. Gold is headed toward the fourth weekly gain in a row.