Gold: Eyeing for a break above hourly 50-SMA

Gold is seen extending its consolidative mode in the Asian session, having stalled its recovery just ahead of $ 1340 levels.

Gold: Bulls fighting for control

Currently, gold trades modestly flat at 1338.20, easing slightly from session highs printed previously at 1339.79. The yellow metal is seen attempting gains and eyes a decisive break above hourly 50-SMA now placed at 1340.15, before the next leg higher.

Moreover, the bullion finds support from mixed performance seen on the Asian equities, largely in response to weaker oil prices, while fresh selling witnessed in the greenback across the board further boosts the attractiveness of gold. A weaker USD makes dollar priced-in gold cheaper for holders in foreign currencies.

Next on tap for the metal remains the US datasets due later in the NA session, while markets continue to digest recent hawkish Fed speaks ahead of the US GDP figures and Jackson Hole Symposium.

Gold Technical Levels                                   

The metal has an immediate resistance at 1343.40/80 (5 & 10-DMA) and 1350 (round figure). Meanwhile, the support stands at 1331.44 (50-DMA) below which doors could open for 1325.