Gold re-attempts $ 1230 as USD buying stalls

Dhwani Mehta FXStreet

Gold prices on Comex is seen reversing a dip to $ 1224.50 lows, trimming losses in a bid to regain $ 1230 barrier amid stalled USD buying.

Currently, gold trades modestly flat at $ 1226.46, reverting to familiar ranges near $ 1226.50-1227 levels. The yellow metal ran into fresh offers in the last hour, after the greenback suddenly caught a bid wave on the European open. The USD index trades +0.06% to 99.08, deflating from 99.20 - session tops.

Despite a minor-recovery seen in gold, the prices are expected to remain under pressure going forward, as the US yields continue to hang around one-month highs on heightened odds of a Fed rate hike as early as next month.

Also, with the French political scenario now clear following a Macron-win, the safe-haven demand for the metal continues to fade. Later today, the bullion will get influenced by the USD dynamics and risk trends ahead of the US dataflow.

Comex Gold Technical Levels

The metal has an immediate resistance at 1230 (key resistance) and 1244.53 (20-DMA). Meanwhile, the support stands at 1221 (2-month low) below which doors could open for 1200 (psychological 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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