Gold Catches Fresh Bid in Asia, Re-Takes $ 1250
Gold reversed
previous decline and swung back into the bids in the mid-Asian session,
despite risk-on trades picking-up pace amid higher Asian equities.
Gold regains hourly 200-SMA
Currently,
gold trades +0.37% at 1250.15, easing-off session highs printed at
1251.29 last hour. The bullion regained momentum and climbed back into
the positive territory as the US dollar turned lower against its major
peers. However, the upside looks restricted as risk-on sentiment
returned to markets following overnight recovery in the oil prices. The
demand for the higher-yielding/ risk currencies is on the rise amid
improving risk appetite on rallying Asian stocks, which keeps a lid on
the prices.
The precious metal failed to sustain at higher
levels in the last US session and extended its overnight retreat towards
hourly 200-SMA around 1243-42 levels, before finding fresh bids in
early Asia and swung back into gains. Looking ahead, the bullion now
awaits the US datasets for fresh USD moves, while the upcoming ECB
meeting is also expected to have significant impact on the USD priced-in
gold.
Gold Technical Levels
The metal
has an immediate resistance at 1256/58 (Apr 19 & 20 high) and
1260/1262.77 (round number/ Apr 12 High). Meanwhile, the support stands
at 1243/42 (10-DMA/ 1h 200-SMA) below which doors could open for 1237/34
(50 & 20-DMA).
