Gold went back below the psychological limit of $1,300

Gold ended on Tuesday with a drop after Janet Yelan's comments led investors to think of further rising interest rates, albeit smoothly.
The noble metal lost nearly 10 dollars of its value, or 0.8 percent, returning below the psychological limit of $1,300 per ounce.
According to technical analysts, there are several key points that will predict further movement in the price of precious metal.
First, which direction will the US dollar take? If the dollar returns above the key trading level of 1.1835 against the euro and starts losing positions against the rest of the major currencies, then gold may get pushed upwards.
It will also be important for the yellow metal to see if its price will be able to go back above the psychological limit of $1,300. It had long stopped its appreciation and has been a strong level of resistance.
Therefore, returning above $1,300 may be a good sign for the metal trend.
And thirdly, it is critical for gold whether it will fall below $1,290 where the 50-day moving average of the metal is located. The level is observed by many investors, and the potential breakthrough can trigger a serious closing of long positions.