Gold tests $ 1150 amid weaker DXY and equities

Gold extends its recovery from the last NY session lows and now remains a whisker short of the key $ 1150 mark, as we progress towards the early European trading.

Gold holds well above 20-DMA at $ 1145.30

Currently, Comex gold futures rise +0.74% to 1149.35, hovering within a striking distance of 2-week tops reached previously at $ 1151.50. The bullion is strongly bid this Thursday, mainly driven by broad based US dollar weakness, in response to holiday-thinned volumes and tumbling US treasury yields.

Further, prevalent risk-off moods amid increased nervousness over what the New Year has in store for the financial markets, lifts the demand for gold as a safety bet. Meanwhile, focus now shifts towards the US dataflow for fresh momentum on the USD-sensitive yellow metal.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1151.50 (2-week highs) and 1155 (round figure). Meanwhile, the support stands at 1137 (NY low) below which doors could open for 1130 (key support).