Gold off-lows, retakes 3-month tops

Gold prices on Comex erase most losses and now look to regain the bids, in order to extending its winning streak into fifth day today.

Gold targets 200-DMA at $ 1265

Currently, gold trades modestly flat at $ 1235.95, heading towards fresh three-month highs reached at $ 1237.45 a day before.  Gold attempts a minor-rebound amid flattish treasury yields, after the benchmark 10-year treasury yields failed to breach resistance at 2.5% amid Trump-led uncertainty in markets. US Appeals Court ends hearing over Trump travel ban without announcing a ruling

Moreover, the recent bullish run in gold got extra legs after Friday’s disappointing US labour market report squashed hopes on a summer Fed rate hike, thus, boosting the non-interest bearing gold.

All eyes remain on the developments surrounding Trump’s presidency for fresh incentives on the metal, in absence of relevant fundamental drivers due on the cards today.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1237.45 (3-month tops) and 1240 (round number). Meanwhile, the support stands at 1231.50 (daily low) below which doors could open for 1228.26 (5-DMA).