Gold Stuck Below $1300 For Fourth Day

New York (Nov 12)  Gold was little changed early Tuesday, as traders continued to worry the Federal Reserve will start reversing course of its easy monetary policy in the near future. 

The precious metal was stuck below $1,300 an ounce for the fourth straight day amid expectations the dollar will gain further strength on the outlook of the Fed`s stimulus tapering, while few market participants still believe policymakers might be getting closer to start trimming the billion-friendly stimulus program of $85 billion in monthly bond purchases as early as December. 

Spot gold was down 0.21% at $1,280.07 an ounce, easing marginally from yesterday`s close at $1,282.81. The day`s range is so far between $1,276.73 and low of $1,284.19. 

A strengthening U.S. dollar weighed on gold prices, as it held an upward trend seen at the end of last week on the Fed's stimulus bets following a strong U.S. jobs report. 

Gold was also pressured on Thursday after data revealed that U.S. gross domestic product grew more than expected in the second quarter sparked a rally for the dollar. Gold and the U.S. currency trade inversely with one another.

Strong data from the world's largest economy usually fuels concerns the Fed could announce plans to scale back its stimulus program in December, when the Federal Open Market Committee (FOMC) meets for the final time this year.

Investors were also eyeing the debute of China's economic blueprint for the next decade later on the day as Beijing seeks to balance the need to overhaul the world`s top consumer for gold.

Technically, gold prices may find some support around the Fibonacci level, however the overall bearish bias will likely remain dominant for today.