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    Gold off lows, retakes $1,290

    After bottoming out in the vicinity of the $1,280 area in early trade, the troy ounce of the precious metal has managed to pick up some pace and is now around $1,290.Gold down from 2016 topsBullion is shedding some ground today as market participants seem to be cashing up part of recent strong gains, specially after yesterday’s fresh 2016 high at $1,316.40, although today’s selling bias in the dollar seems to be somewhat limiting the pullback to the $1,280 region for the time being.Despite the ongoing correction, Gold is closing its third consecutive week with gains, including a visit of the $1,320 area, levels last seen in August 2014. Looking ahead, developments around the EU-UK Referendum are poised to be the main drivers behind the metal's price action.Gold key levelsAs of writing Gold is losing 0.44% at $1,292.50 facing the next hurdle at $1,316.40 (2016 high Jun.16) followed by $1,330.00 (high Apr.14 2014) and then $1,343.70 (high Jul.10 2014). On the other hand, a breakdown of  $1,253.14 (55-day sma) would pave the way to a test of $1,240.91 (100-day sma) and finally $1,199.00 (low May 31).

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