Gold bid in Asia, re-takes $ 1325 ahead of Yellen

Gold is seen making minor-recovery attempts in the Asian morning this Friday, as the US dollar eased-off across the board amid increased uncertainty ahead of Fed Chair Yellen’s speech due later tonight.

Gold looks to regain 5-DMA at 1329.47

Currently, gold trades +0.12% at 1223.63, recovering from session lows struck at 1320.52 levels earlier on the day. The yellow metal recovers losses and edges higher amid caution prevalent across the Asian markets, with investors fleeing to safety bets ahead of the much-awaited comments from Fed’s Yellen on the second day of the Jackson Hole Symposium.

Moreover, extension of the corrective slide in the greenback against its major peers, following yesterday’s upbeat US data-led rally, also aids the recovery in the bullion.

Gold Technical Levels                                   

The metal has an immediate resistance at 1329.47. (5-DMA) and 1333.40 (50-DMA). Meanwhile, the support stands at 1320 (round number) below which doors could open for 1315.76 (July 27 low).