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Gold gained fresh traction on Tuesday and extended its recovery from Friday's two-week low to reclaim $1200 psychological mark.
The prevalent risk-off mood, with major US equity indices witnessing a sharp slide overnight in wake of lingering concerns about Trump’s move to restrict immigration from seven countries, is seen supporting the precious metal's safe-haven appeal. This coupled with retracing US treasury bond yields is also driving flows away from the US Dollar and benefitting dollar-denominated commodities - like Gold.
The metal's up-move, however, has been gradual as investors brace this week's slew of important US macro releases and the outcome of a two-day meeting of the Federal Reserve. This week's FOMC meeting, and the keenly watched US monthly jobs report, would be looked upon for fresh clues over the central bank's near-term monetary policy outlook and eventually determine the next leg of directional move for the non-yielding yellow metal.
Technical levels to watch
A follow through buying interest above $1205 level is likely to lift the commodity back towards $1209 intermediate resistance above which the up-move could get extended towards two-month highs resistance near $1218-20 region.
On the flip side, $1195 level now becomes immediate support to defend, which if broken is likely to drag the commodity back towards $1188 support area, en-route $1181 (two-week lows) and 50-day SMA support near $1175 region.
