Gold jumps to over 1-week tops, closer to $1350 level

   •  Trade-war fears/safe-haven demand supports the bullish move.
   •  Stellar ADP report fails to revive USD demand and stall the momentum.

Gold continued gaining some positive traction through the early NA session and is currently placed at over 1-week tops, inching closer to $1350 level.

Despite upbeat ADP report on the US private sector employment, the US Dollar struggled to gain any strong positive traction and was eventually seen underpinned demand for the dollar-denominated commodity.

This coupled with a fresh wave of global risk-aversion trade, triggered by reviving fears about a full-blows US-China trade war, provided an additional boost to the precious metal's safe-haven appeal 

The risk-off mood was further reaffirmed by the ongoing sharp retracement in the US Treasury bond yields, which remained supportive of the strong up-move for the non-yielding yellow metal.

Today's US economic docket also features the release of ISM non-manufacturing PMI, which again is unlikely to act as a major game changer but might still provide some impetus for short-term traders. 

Technical levels to watch

Immediate resistance is pegged near $1353 level, above which the momentum could get extended towards $1357 area before the commodity eventually darts towards yearly high resistance near $1366 level. 

On the flip side, $1340 level now seems to act as an immediate support, which if broken could drag the metal back towards $1332 horizontal support en-route the $1325-24 region.