Gold hovers near 10-week tops on USD jawboning

Amid increased uncertainties on Trump’s Presidency re-emerging into markets, gold remains a better bet as a safe-haven asset.

Gold targets 200-DMA at $ 1269

Currently, gold rises +0.13% to 1217.25, having posted fresh ten-week highs at 1219.50 earlier today. Gold benefits from a subdued trading activity seen around the greenback across the board, with the USD index meandering near 7-week troughs amid talking down of the US currency by the US Treasury Secretary Mnuchin, citing that an” Excessively strong" USD may be negative in the short term.

However, further upside remains capped as the treasury yields turn positive and attempt a tepid bounce after the recent weakness backed by the impending concerns over Trump’s polices.

Focus now remains on the UK Supreme Court Brexit decision due at 09.30GMT today, which is expected create huge volatility and stoke safe-haven demand for the yellow-metal.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1219.50 (10-week high) and 1225 (round figure). Meanwhile, the support stands at 1213.70 (100-DMA) below which doors could open for 1210.50 (5-DMA).