Gold stabilize around $1345, awaits fresh impetus

After seesawing between gains and losses, Gold finally seems to have found some balance area around yesterday' settlement price at $1345 region. 

The precious metal swung between $1248-40 level amid think liquidity and RBNZ-led volatility. As the volatility settled, a broad recovery in the US Dollar started weighing on dollar-denominated commodities - like gold. Adding to this, buoyant sentiment surrounding equity markets is also denting the yellow metal's safe-haven appeal and contributing to the weakness. 

In absence of any market moving releases on Thursday, the metal remains at the mercy of global risk sentiment and movement in the greenback. However, Friday's macro releases that includes - Chinese data, German Prelim GDP print, monthly retails sales and consumer confidence data from the US, is likely to trigger some volatility and provide some momentum to gold prices.

Technical levels to watch

On the immediate downside, 20-day SMA near $1338-37 region remains immediate support to defend, below which the metal could immediately drop to weekly support near $1330 level before extending its slide further towards its next major support near $1315 region.

Meanwhile on the upside, momentum above $1350 resistance is likely to gain traction, boosting the pair immediately towards $1358-60 resistance ahead of post-Brexit swing highs resistance near $1375 region.