Gold slide for third straight session, back below 50-DMA

Extending its reversal from a 3-week high level touched in the aftermath of disappointing US ISM services PMI on Tuesday, Gold edged lower for third consecutive day 

Currently trading around $1335 region, back below 50-day SMA, the yellow metal is being weighed down by a broad based greenback recovery, as measured by the overall US Dollar Index, which tends to dent demand for dollar-denominated commodities, including gold. 

On Thursday, the previous metal weakened after ECB decided to stand pat on interest-rates / quantitative easing program and disappointed markets expecting the central bank to announce additional stimulus.

Meanwhile, the metal's recent price-action has been solely driven on expectations of the Fed's next monetary policy action and hence, speech from FOMC member Rosengren might provide fresh impetus for gold prices on Friday. However, the near-term direction would be dependent on the next policy moves by BoJ and the Federal Reserve, scheduled to announce their monetary policy decision later this month. 

Technical levels to watch

Immediate downside support is seen at $1330 below which the metal could immediately head towards $1320 support ahead of 100-day SMA strong support near $1300 psychological mark. On the upside, $1350 region has emerged as immediate strong resistance, which if conquered is likely to boost the metal back towards post-Brexit swing high resistance near $1375-77 region.