Gold close to session highs near $1,190

The softer tone in the greenback is promoting the ounce troy of the precious metal to advance to the area of $1,185/90, daily tops.

Gold propped up by weak USD

The demand for the yellow metal remains quite firm for the second session in a row on Tuesday, bolstered by the selling mood around the US dollar as jitters regarding tomorrow’s press conference by president-elect Donald Trump keeps undermining the sentiment.

Bullion has been gathering fresh traction since the release of the FOMC minutes, where the Committee noted the considerably uncertainty that surrounds the potential policies under Trump’s presidency.

In addition, traders’ attention re-focused on the yellow metal as scepticism over the projected 3 rate hikes by the Federal Reserve during the current year remains on the rise.

Gold key levels

As of writing Gold is gaining 0.01% at $1,185.90 and a breakout of $1,191.48 (55-day sma) would open the door to $1,219.05 (50% Fibo of the 2016 up move) and then $1,239.61 (100-day sma). On the other hand, the next support is located at $1,171.50 (low Jan.5) ahead of 1,146.50 (low Jan.3) and finally $1,126.50 (low Dec.20).