Gold recovers to test $ 1160, despite positive equities

Gold futures on Comex found fresh bids just ahead of 5-DMA support, and from there embarks upon a minor-recovery in a bid to regain 1160 barrier.

Gold attempts recovery, despite firmer USD

Currently, gold now drops -0.26% to $ 1158.95, recovering from session lows of $ 1156.50. The bullion makes minor-recovery attempts as the greenback moved-off highs against its major peers, sending the DXY away from 103.50 levels.

However, it remains to be seen whether the bullion manages to sustain the recovery, as both the treasury yields and Asian equities remain firmer amid risk-on trades, which usually curbs the demand for gold as a safe-haven assert.

Next of note for the bullion remains the FOMC minutes due later today, while the US jobs data due out in the upcoming days will likely determine the near-term direction for gold.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1160 (round figure) and 1164.35 (4-week highs). Meanwhile, the support stands at 1155.32 (5-DMA) below which doors could open for 11150 (zero figure).