Gold stuck below $1,320, ISM eyed

The ounce troy of the precious metal has managed to leave the area of daily lows and is now hovering over the $1,317 area ahead of US releases.

Gold remains on 2-week lows

Prices for the yellow metal remain subdued at the beginning of the week, trading in the region of 2-week troughs amidst a better tone in the greenback following Friday’s auspicious results from the US docket.

In addition, news over the weekend that Deutsche Bank could be close to reach a deal to pay a fine of $5.4 billion over an investigation instead of the previous $14 billion claimed by the DoJ is also weighing on the demand of the safe haven.

Later in the NA session, the US manufacturing sector will take centre stage in light of the releases of Markit’s PMI and the ISM index.

Gold key level

As of writing Gold is losing 0.10% at $1,315.75 and a breach of $1,312.90 (low Seo.30) would open the door to $1,311.90 (low Sep.16) and finally $1,301.50 (low Sep.1). On the other hand, the initial hurdle is located at $1,330.88 (55-day sma) followed by $1,350.50 (high Sep.7) and then $1,366.00 (high Aug.2).