Gold heading towards $ 1170 amid broad USD weakness

Dhwani Mehta FXStreet

A quick recovery in the greenback weighed on the renewed demand for gold, sending the rate lower from post-Trump win highs reached at $ 1164.25, although the bulls managed to find some fresh bids last minutes.

Gold eyes $ 1170 barrier

Currently, Comex gold futures rise +0.38% to 1162.55, reversing a brief dip to 1159 levels. The bullion prolongs its upward trajectory in an environment of slackening USD demand, as investors look take profits-off the table on USD longs created in wake of a Trump win and hawkish Fed.

Moreover, negative tone seen around the Asian markets and softer US treasury yields keep any downside short-lived. From a wider perspective, gold found fresh buyers recently as markets turn skeptical over the Trump’s policies as he is set to take office on 20^th Jan.

Comex Gold Technical Levels

The metal has an immediate resistance at 1165 (monthly highs) and 1170 (round figure). Meanwhile, the support stands at 1153 (daily pivot) below which doors could open for 1150 (key support).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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