Gold flat-lined around 20-DMA, awaits US data

Gold prices trade modestly flat in the European session, with the upside capped by 5-DMA now located at $ 1340.55, while the bulls find some support near $ 1335 region.

Gold in search of fresh incentives

Currently, gold trades marginally lower around $ 1338.50, having faced strong resistance near $ 1341 region. Gold remains in the red, although trims losses as the persisting risk-off moods in the markets, underpin demand for the safe-haven gold.

While fresh selling seen in the US dollar versus its major peers, also aids the recovery staged by the yellow metal this Friday. Also, traders resort to profit-taking after yesterday’s slide, as we head towards the US key economic releases due later in the NA session.

The US calendar offers the retail sales, PPI and consumer sentiment data, which is likely to have significant impact on  the USD-sensitive gold.

Gold Technical Levels                                   

The metal has an immediate resistance at 1347.06 (10-DMA) and 1357.30 (Aug 10 high). Meanwhile, the support stands at 1329.92 (Aug 8 low) below which doors could open for 1320.55 (50-DMA).