Gold peeps above 200-DMA, all set for second consecutive weekly gains

Haresh Menghani FXStreet

Gold jumped to 2-1/2 week tops during the early NA session, with bulls now gearing up for a decisive break through the very important 200-day SMA.

The US Dollar failed to gain any follow through traction following today's mixed US economic releases and provided a minor lift to the dollar-denominated commodity.

Moreover, the prevalent cautious trading sentiment around equity markets also underpinned the precious metal's safe-haven appeal and collaborated to the up-move to its highest level since December 5th.

Meanwhile, the market seems to have largely ignored a modest uptick in the US Treasury bond yields, which tends to drive flows away from the non-yielding metal. Hence, a follow-through up-move, led by some technical buying on a breakout above the very important 200-day SMA, now looking a distinct possibility.

Nevertheless, the precious metal built on its last week's strong recovery move from near 5-month lows and remains on track to post second consecutive week of gains.

Technical levels to watch

A follow-through momentum now seems to confront immediate resistance near the $1274-75 region ahead of $1280 and $1285 hurdles.

On the flip side, $1266-65 area now seems to protect the immediate downside, which if broken could prompt some additional profit taking slide back towards $1261 level.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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