Technical correction extends above $ 1260 amid broad-based USD weakness. Lingering US-Sino trade tensions support, as the focus shifts to the US CPI due later this week. Gold (futures on NYMEX) is seen fading the upmove to $ 1263.10 – fresh ten day tops, although remains above the $ 1260 mark amid persisting broad-based US dollar selling. The greenback extended its bearish momentum and hit fresh three-and-a-half week lows against its major peers, in the wake of dismal US jobs data that showed slower-than-expected wage growth. A weaker greenback makes the USD-denominated gold cheaper for its buyers in foreign currency and vice-versa. The latest leg down in the metal can be partly attributed to the risk-on sentiment prevalent across the financial markets, which usually tends to dampen the sentiment around the safe-haven gold. However, gold prices will continue to derive some support from the ongoing US-China trade tensions and UK political uncertainty, especially after three Brexit Ministers resigned earlier today amid a split on the UK PM May’s new Brexit plan. Looking ahead, the US inflation report will have a major impact on the bullion this week. In the meantime, the USD dynamics and risk trends will continue to drive the gold trades. Gold Technical Levels Omkar Godbole, FXStreet’ Analyst offer key technical levels for trading gold in the day ahead. Resistances: $1,261 (July 4 high), $1,274 (23.6% of recent sell-off), $1,282 (May 21 low). Supports: $1,254 (session low), $1,244 (June 28 low), $1,237 (July 3 low). Â FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next BoE on track to hike in August – AmpGFX FX Street 4 years Technical correction extends above $ 1260 amid broad-based USD weakness. Lingering US-Sino trade tensions support, as the focus shifts to the US CPI due later this week. Gold (futures on NYMEX) is seen fading the upmove to $ 1263.10 - fresh ten day tops, although remains above the $ 1260 mark amid persisting broad-based US dollar selling. The greenback extended its bearish momentum and hit fresh three-and-a-half week lows against its major peers, in the wake of dismal US jobs data that showed slower-than-expected wage growth. A weaker greenback makes the USD-denominated gold cheaper for its buyers in foreign currency… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.