The broad based selling in the USD index amid weakness in the European stocks pushedgold to a session high of USD 1176/Oz levels.
Fourth consecutive day of gains
Prices advanced for the fifth consecutive session on the back of a 0.22% loss seen in the USD index. The safe haven demand due to the losses in the European equities also added to the bullish momentum in the pair.
Ahead in the day, the US advance retail sales report could influence the Fed rate hike bets and accordingly affect the demand for the yellow metal.
Gold Technical Levels
The metal currently trades above USD 1174/Oz levels. The immediate resistance is located at 1200 levels. A break higher would expose 1232.27 (May 18 high). On the downside, a break below 1152.24 (hourly 50-MA) would expose 1141.38 (100-DMA) and 1132.90 (Nov 2014 low).