Gold off-highs, side-lined below 5-DMA

Dhwani Mehta FXStreet

Gold prices on Comex traded quite volatile in the last NY session, and now looks to stabilize amid broad based US dollar consolidation.

Gold eyes US data, Round 2 of Yellen

Currently, gold trades +0.14% at $ 1127.15, with every upside attempt being capped by 5-DMA near $1228.15 over the last hours. Gold defends mild recovery-gains, although remains vulnerable as demand for the USD is expected to re-emerge, as we progress towards early European morning.

On Tuesday, the yellow metal slumped to the key support level near $ 1220 on a fresh bout of buying seen around the treasury yields, after Fed Chair Yellen signal further rate hikes in the coming months.

The bullion now looks forward to more of Yellen due on the cards later in the NA session, as she testifies today before the House Financial Services Committee, in Washington. In the meantime, the US economic data, viz. CPI, industrial production and retail sales will be closely eyed.

Comex Gold Technical Levels

The metal has an immediate resistance at 1230.09 (10-DMA) and 1237.90 (daily R2). Meanwhile, the support stands at 1220 (previous low) below which doors could open for 1216.24 (20-DMA).

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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