Gold remains well bid in Asia

It’s onwards and upwards for the yellow metal as the dollar bulls stand disappointed due to Trump’s silence over economic/fiscal policies.

Gold was last seen trading around $1195/Oz levels. Prices clocked a high of $1198.30 levels yesterday.

50-DMA is still sloping downwards

Prices have breached the 50-DMA hurdle; however, the investors should take note of the fact that the average is still sloping downwards, which suggests a break above $1200 mark may not last long.

Apart from the action in the US dollar, the metal could also take cues from the US initial jobless claims, export and import price index and comments from Fed’s Evans and Harker.

Gold Technical Levels

A daily close above $1200 (zero figure) would open the doors to $1215 (Nov 23 high). On the other hand, a breakdown of support at $1185 (50-DMA + 50-DMA) could yield a sell-off to $1173 (23.6% fib of Nov 9 high – Dec 15 low + 10-DMA).