Gold Close To Support

Gold is trading relatively close to the support level of $1,272 which could spark bullish interest in the precious metals driving the price up. Recently, it's been difficult for Gold to gain momentum although attempts are not lacking.

The latest move to the upside came in the beginning of October when price reached the level of $1,262 and immediately launched to what would later become a $42 rally.

Now, however, things look more uncertain as the precious metal is feeling weak in the shadow of the strengthening US dollar. As we are heading to December, the Fed is expected to raise rates again which could stimulate the US currency and create lack of demand for Gold.

Chart: XAU/USD H4