Gold Bid in Asia on Increased Safe-Haven Flows
Gold extends
gains for the second straight session this Monday as investors seek
safety assets amid oil-driven sell-off across the financial markets.
Gold: $ 1240 tested
Currently,
gold trades 0.17% at 1235.92, retreating from session highs of 1239.53.
The bullion trims gains, although remains well bid as the demand for
safe-haven remains buoyed in light of persistent risk-off market profile
triggered by oil declines, following a no deal struck between major oil
producers on output freeze last Sunday.
Moreover, the recent
retreat in the US dollar against its major peers also supported the
upside in the yellow metal. In the day ahead, in absence of fresh
economic updates from the US docket, focus will remain on the broader
market sentiment and Fed official Dudley’s speech.
Gold Technical Levels
The metal has an immediate resistance at 1240 (round number) and 1244.17 (Apr 14 High). Meanwhile, the support stands at 1225/23 (previous lows) below which doors could open for 1220 (psychological levels).
