Gold regains $ 1160 and beyond ahead of Fed

Gold staged a solid comeback from near multi-month lows, and now makes another run towards key resistance placed near 1167 levels, as investors shift their focus on the upcoming Fed event.

Gold: Key resistance near $ 1167 - confluence of 10 & 100-DMA

Currently, Comex gold futures trade +0.25% higher at 1162, easing slightly from daily highs reached at $ 1163 in the last hour. Gold prices jump back on the bids as a cautious tone prevalent across the financial markets boost the attractiveness of gold as a safe-haven.

Moreover, renewed weakness in the US treasury yields across the curve also underpins the demand for gold as an alternative investment asset.

However, any recovery in the yellow metal is likely to be short-lived, as markets have priced-in a Fed rate hike today, which will weigh heavily on the non-interest bearing gold.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1167.08/24 (10 & 100-DMA) and 1170 (round figure). Meanwhile, the support stands at 1160.42 (5-DMA) below which doors could open for 1158.70 (daily pivot).

Key events:

If 2017 is looking as clear as mud for you, then don't miss the following key live events scheduled for 16th December at FXStreet:

The Four Horsemen watch 2017; The Traders’ Panel - click to register for free

What will 2017 bring to the Forex traders? FXStreet is organizing the ultimate live panel you must attend to understand and anticipate what the new year might hold. Three remarkable traders plus a FXStreet analyst that together are The Four Horsemen riding the Forex market throughout 2017.

What, When and Who? Be Ready for 2017; The Fundamental Panel - click to register for free

What will 2017 bring to the markets from a fundamental standpoint? We are entering a phase of unprecedented uncertainty on a global scale - There are conflicting outlooks making for the perfect environment for a real battle between the bulls and bears. There are arguments for reflation vs a backdrop of deflation, there are bubbles that are about to pop and we could be on the brink of a banking crises - then throw in a bit of European and American politics. FXStreet would like to invite you to a superb panel of experts to help you understand the fundamental foundations to trade upon in the Forex market throughout 2017.