Gold intermarket: DXY and risk rallies, pressures gold to $1,282.30 lows

Gold has given back over 100% of the rally from the start of the week's rally with a  low of $1,282.34.

Former FBI Director James Comey’s prepared remarks were released today shows nothing new and risk is back on. USD/JPY rallied as did stocks. The DXY is now up +0.12% and yields have rallied, currently up +1.45% at 2.1763.

However, there was a drop in oil prices in a big build of +3295K vs -3250K estimated while we await Super Thursday's trio events. Not only do we have the former Federal Bureau of Investigation Director James Comey's  testimony on alleged Russian interference in the 2016 U.S. presidential election, we get the U.K. general election and the ECB meeting. We also get the Fed next week as an additional risk.  

A key technical level has been taken out to the downside at 1,283.60 with 1,281.60 as next key target. 1,278.50,  1,274.50 and 1,274.00 are further support areas. 1,287 and 1,291 ahead of 1,296.02 highs mark key resistances.