Gold extends overnight recovery, $ 1150 closer

Gold remains on the front foot so far this session, recovering lost ground somewhat from NY lows struck at 1136.50 levels.

Gold nears 20-DMA at $ 1146.35

Currently, Comex gold futures trade +0.35% higher at $ 1142.65, hovering within close proximity of daily tops posted at $ 1143.25 last hour. The bullion is seen reversing a part of the Fed’s hawkishness-led slump to multi-month troughs, as investors seek to lock-in gains heading into New-Year holiday break.

The latest leg higher in the yellow metal can be attributed to the sell-off in the treasury yields, which in turn pressurizes the greenback versus its main peers.

Next of relevance for the measure remains the pending home sales data due later in the NA session, with an upbeat print likely to trigger a renewed rally in the USD index, similar to one seen in the last US session.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1146.35 (20-DMA) and 1150 (round figure). Meanwhile, the support stands at 1136.50 (NY low) below which doors could open for 1130 (key support).