Gold attempts recovery despite positive equities

Gold is seen making minor-recovery attempts so far this session, as the US dollar pauses its upbeat momentum across the board amid weaker treasury yields.

Gold: $ 1200 back on sight?

Currently, gold drops 0.19% to 1208.75, reversing slightly from a dip to $ 1207 levels. Gold trims losses, although struggles to take on its recovery mode beyond 10-DMA as a rally witnessed across the Asian indices curb the demand for gold as a safe-haven asset. The Nikkei 225 index rallies +1.40%, while Aussie stocks rise +0.46% so far.

The bullion, however, manages to find support from stalled USD buying, as the US treasury yields trade largely subdued across the time horizon, as markets now speculate on the Fed rate hike prospects in wake of the Trump presidency.

Nothing major of note for the metal this Wednesday, and hence, the USD dynamics and risk trends will continue to have a significant bearing on gold.

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 1206 (previous low) below which doors could open for 1200 (zero figure).