Gold struggling near 3-week lows on persistent USD strength

   •  Headed for the second consecutive week of losses.
   •  Near 3-week lows on persistent USD buying interest.
   •  Upbeat advance US growth figures fail to lend any support.

Gold held weaker through the early NA session on Friday and is currently placed at three-week lows, touched in the aftermath of upbeat US GDP print.

The already bullish sentiment around the US Dollar got an additional boost from today's advance US GDP report, showing a strong economic growth during the third quarter of 2017, and continued weighing on the dollar-denominated yellow metal.

   •  US GDP advances 3.0% in Q3

The precious metal was also being weighed down by buoyant investors’ appetite for riskier assets - like equities. The risk-on environment tends to dent demand for traditional safe-haven assets, including gold.

Meanwhile, a subdued action around the US Treasury bond yields helped partly offset optimism over the US President Donald Trump's proposed massive tax cuts and limit deeper losses for the non-yielding commodity, at least for the time being.

Nevertheless, the metal remains on track for a second consecutive week of losses and posting its lowest weekly close since late July. 

Technical levels to watch

Any subsequent weakness is likely to find support at monthly lows, near $1260 area, which if broken is likely to accelerate the fall towards $1256-55 intermediate support ahead of $1250 level. 

On the upside, $1269-70 zone now seems to act as immediate resistance, above which the recovery move could get extended back towards 100-day SMA near the $1275-76 region.