Gold trading beyond $1,180

San Francisco (Mar 20)  The troy ounce of the precious metal is advancing for the third consecutive session and reverting a 2-week negative streak, currently hovering over the $1,180 handle.

Gold bounces off $1,140

The yellow metal is extending the rebound from multi-month lows in the $1,140 region, propped up by the strong offered tone surrounding the greenback as of late.

The recent dovish tone from the FOMC meeting has already given Gold an extra boost, after indicating that a rates lift-off could take longer than estimated and that rates could increase gradually and peak lower than in previous years.

Gold important levels

At the moment the metal is up 1.13% at $1,182.20 with the immediate resistance at $1,200.58 (high Mar.6) followed by $1,209.46 (high Mar.5) and finally $1,214.56 (high Mar.3). On the flip side, a breakdown of $1,159.56 (low Mar.19) would expose $1,145.98 (low Mar.18) and then $1,142.69 (low Mar.17).

Source: FXstreet