Gold tumbles further, near $1,300/oz

• The precious metal is hovering over 2-month lows close to $1,300/oz.
• Stronger greenback keeps weighing on the yellow metal.
• US ISM Manufacturing next of relevance in the US docket.

The ounce troy of the precious metal is falling further during the first half of the week and is now trading at shouting distance from the critical support at the $1,300 level.

Gold weaker on USD strength, looks to FOMC

Bullion is losing ground for the second session in a row so far today following a moderate rebound to the $1,325 area last Friday.

However, the robust pace of the greenback, higher yields in the US money markets and prospects of extra tightening by the Federal Reserve in the next months continue to put Gold under heavy pressure.

Later in the NA session, the ISM will publish its manufacturing gauge, keeping the attention further on the buck, all ahead of tomorrow's key FOMC meeting, where the Committee is expected to keep the monetary status quo unchanged.

Gold key levels

As of writing Gold is down 0.49% at $1,309.02 and a breakdown of $1,304.67 (200-day sma) would expose $1,302.88 (2018 low Mar.1) and then $1,260.70 (low Oct.6 2017). On the upside, the next hurdle lines up at $1,327.57 (10-day sma) seconded by $1,334.11 (21-day sma) and finally $1,356.86 Mar.27).