Gold stalls recovery near hourly 100-SMA, Fed minutes eyed

The ongoing recovery in the yellow metal lost steam over the last hours near the hourly 100-SMA barrier located at $ 1215, sending the rate slightly lower amid light trading.

Gold underpinned by subdued Treasury yields

Currently, Comex gold futures trade 0.16% higher at $ 1213.15, managing to hold above 5-DMA support of 1210.87. Gold prices are seen extending its recovery mode from multi-month troughs for the third straight session today, largely on the back of a bullish consolidation phase in the greenback and softer tone around the US treasury yields.

Moreover, a fresh round of profit-taking on the gold shorts after the recent declines cannot be ruled, as investors seek to clear out positions heading into the crucial US durable goods data and FOMC Nov meeting minutes due later on Wednesday.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1215 (1h 100-SMA) and 1220 (round figure). Meanwhile, the support stands at 1205 (multi-month low) below which doors could open for 1200 (key psychological figure).

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