Gold futures on Comex continue to benefit from the persisting risk-averse market conditions and remain supported above the 100-DMA located at $ 1102.56.
Gold: Will it close above 100-DMA today?
Currently, gold trades 0.78% higher at 1104.10, retreating from fresh session highs of 1105.90. Gold remains underpinned on the back of wavering European stocks, although the bulls struggle to extend higher as oil prices are seen attempting a tepid bounce from lows.
Attention now remains on Wednesday’s Fed decision, with expectations over Fed’s four rate hike this year gradually diminishing in the face of the global market turbulence triggered by the Chinese slowdown fears and oil rout. Meanwhile, the US dollar is seen paring losses and trades -0.10% at 99.50.
Gold Technical Levels
The metal has an immediate resistance at 1109.80 (Jan 20 High) and 1111.10 (Jan 8 High). Meanwhile, the support stands at 1102.56 (100-DMA) below which doors could open for 1096.92 (1h-100-SMA)