Gold retreats from 1-week tops on higher treasury yields

Gold prices on Comex remained on a gradual declining mode in the Asian session this Friday, as the bulls attempted a minor-correction following two consecutive sessions of gains.

Gold supported at $ 1224

Currently, gold trades almost unchanged at $ 1226.75, having posted daily lows at $ 1224. Gold is on track to book the first weekly gain in three weeks, and appears to have stalled its overnight retreat over the last hours, finding some support from mixed Asian equities and subdued trading activity seen around the US dollar across the board.

The bullion failed to sustain at higher levels and retreated, largely on the back of renewed buying interest seen around the treasury yields, markets slowly look past Wednesday’s less hawkish Fed outcome.

Later today, the yellow metal will continue to remain at the mercy of the USD dynamics and sentiment around the US yields, while the US consumer sentiment and LMCI data may also provide some impetus.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1233.45 (1-week tops) and 1248.92 (200-DMA). Meanwhile, the support stands at 1222.39/1222 (50-DMA/ classic S1) below which doors could open for 1211.55/1209.03 (5 & 10-DMA).