Gold drops to 2-week lows near $1,180

The ounce troy of the precious metal is extending the weekly decline on Friday, currently slightly off lows around $1,185.00.

Gold lower on USD pick up

The renewed demand for the US Dollar continues to weigh on the yellow metal during the second half of the week, dragging the ounce to fresh multi-day lows in the $1,185/80 band.

The greenback gathered further traction in recent sessions, as concerns over the uncertainty on potential policies under the Trump’s administration seem to have ebbed somewhat.

Bullion has reverted the bull run to fresh 2-month peaks around $1,220 seen last week, losing ground since then to the current $1,185/80 band, or 2-week lows.

Gold key levels

As of writing Gold is retreating 0.60% at $1,182.65 and a breakdown of $1,176.50 (low Jan.11) would aim for $1,174.96 (55-day sma) and then $1,160.80 (2017 low Jan.3). On the flip side, the next up barrier is located at $1,202.80 (high Jan.25) followed by $1,219.00 (high Jan.24) and finally $1,222.35 (100-day sma).