Gold stuck in $ 2 tight range, awaits US data

Gold managed to survive above $ 1130 barrier, although trades directionless in a narrow amid volumes slowing as we head towards Christmas/ Year-end holiday season.

Gold capped below 5-DMA at $ 1134.80

Currently, Comex gold futures trades almost unchanged at $ 1133.60, confined in a $ 2 range so far this session. The bullion trades better bid amid ongoing weakness around the US dollar against its major peers on profit-taking, after the recent rally backed by Trump’s presidency and Fed hawkishness.

Moreover, mixed Asian equities and year-end flows also keep gold somewhat lifted and slightly away from multi-month lows reached below $ 1130 levels.

Focus shifts towards fundamentals, with the US GDP, durable goods and other relevant economic news on the cards later today.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1134.80 (daily S1/ 5-DMA) and 1141.86 (10-DMA). Meanwhile, the support stands at 1130 (Dec 21 low) below which doors could open for 1126.90 (Dec 16 low).