Gold reverts the downside, eyes $1,350/oz

• Bullion found support near $1,330/oz.
• Metal rebounds on renewed USD-selling.
• FOMC meeting on sight.

The ounce troy of the precious metal has reverted the initial negative tone and is now advancing to the vicinity of the key $1,350 area.

Gold attention to FOMC gathering

The yellow metal has reverted the initial negative bias and is now posting decent gains for the day, approaching the key $1,350 area.

Bullion gained renewed buying interest after the greenback – tracked by the US Dollar Index (DXY) – not only gave away its weekly advance so far but it has also broken below the 89.00 key support once again, all amidst a softer tone in US yields.

Looking ahead, the safe-haven metal will closely follow the 2-day FOMC meeting that kicks in later today. Despite market participants are not expecting the Federal Reserve to move on rates today, the consensus among investors still points to a hawkish tone by the Committee, which could put the metal under some selling pressure.

Later in the session, the S&P/Case-Shiller index is due later seconded by the CB’s consumer confidence for the month of December.

Gold key levels

As of writing Gold is up 0.31% at $1,344.40 facing the next up barrier at $1,366.13 (2018 high Jan.25) seconded by $1,367.81 (high Aug.2 2016) and then $1,375.30 (high Jul.6 2016). On the other hand, a breakdown of $1,334.53 (low Jan.30) would open the door to $1,331.65 (21-day sma) and finally $1,324.35 (low Jan.18).