Gold holding steady at multi-day tops

Gold extended post-FOMC recovery move from sub-$1200 mark and touched a multi-day high level of $1217, before retracing a bit to $1214-15 region.

On Thursday, the yellow metal reversed stellar ADP report-led slide to $1198 level after the FOMC monetary policy statement tapered investors' expectations of steeper Fed rate-tightening cycle in 2017. 

The not so hawkish Fed, against the backdrop of ongoing worries over Trump's policies, weighed heavily on the greenback, with the key US Dollar Index testing its lowest level since mid-November and benefitting dollar-denominated commodities - like gold. 

Meanwhile, the prevalent risk-off mood is also boosting demand for traditional safe-haven assets, including gold, and collaborating to the metal’s up-move on Thursday. 

Focus now turns to BoE's Super Thursday, which might trigger some volatility in markets and help investors derive the commodity’s safe-haven demand. Investors, however, will remain focused on Friday's key jobs report from the US, which would provide fresh clues over the metal's next leg of directional move. 

Technical levels to watch

Immediate upside resistance is pegged near $1218-20 region above which the commodity seems all set to head towards 100-day SMA resistance near $1227 region, en-route $1233 resistance (Nov. 16 high). On the flip side, $1210 level now seems to protect immediate downside below which the metal is likely to turn vulnerable to head back towards retesting $1200 psychological mark support.