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Currently, gold trades marginally higher at 1225.95, flirting with session highs previously posted at1226.64. The yellow metal catches fresh bids and now attempts to extend to the upside as the turnaround in the risk sentiment, after the Asian markets turned lower, boosted the safe-haven appeal of the bullion.
Further, evidencing increased investors’ confidence in gold, assets in SPDR Gold Trust), the world's largest gold-backed exchange-traded fund, rose 0.51% to 819.60 tonnes on Wednesday, the first inflow in nearly two weeks.
Gold Technical Levels
The metal has an immediate resistance at 1233.54 (20-DMA) and 1240 (round number). Meanwhile, the support stands at 1221.30 (50-DMA) below which doors could open for 1215/14 (previous lows).
"The longer the hikes are delayed, the better for gold prices," HSBC analyst James Steel said.
Reference : Reuters, FXStreet
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