Gold sold-off once again near hourly 100-SMA

Gold failed another attempt to take-out hourly 100-SMA barrier, and now drifts back towards $ 1190 support amid persistent risk-off trades and retreat in the US treasury yields.

Gold lacks clear direction

Currently, Comex gold futures trade +1.11% higher at 1191.50, having reversed a spike to session highs at 1196.50. Gold prices are seen oscillating back and forth in a $ 7 slim range, consolidating sharp moves witnessed in the last Asian session.

The bullion moved-off highs as a renewed risk-off wave faded, although the sentiment continues to remain underpinned by the ongoing retreat in the US treasury yields, which makes gold more attractive as an alternative investment asset.

Further, gold finds buyers as investors seek to protect their wealth amid OPEC-led uncertainty in the markets, with them remaining wary over an OPEC output cut deal that is expected to reach this Wednesday.

Nothing of note for the yellow-metal in the day ahead, and therefore, attention turns towards tomorrow’s US GDP report and Wednesday OPEC meeting for fresh direction.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1200 (key resistance) and 1210 (round figure). Meanwhile, the support stands at 1186.3 0 (5-DMA) below which doors could open for 1177 (multi-month low).

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