Gold ticks higher for fourth straight session, FOMC minutes in focus

Gold traded with a mild positive bias for the fourth consecutive session and remains within striking distance of 2-week highs touched in the previous session.

An offered tone around the US Dollar, amid skepticism over the US President Donald Trump's proposed tax overhaul plan, supported demand for dollar-denominated commodities - like gold. 

Adding to this, the ongoing political tensions between the US and N. Korea provided an additional boost to traditional safe-haven assets and helped the precious metal to build on its post-NFP recovery move from near two-month lows.

However, growing expectations for a December Fed rate hike action and possibilities of a hawkish stance in 2018, reinforced by a goodish pickup in the US Treasury bond yields, now seems to be contributing towards keeping a lid on any further up-move for the commodity.

Hence, all eyes would remain on today's publication of the FOMC meeting minutes, which if confirms Fed's commitment of three rate hikes in 2018 should weigh heavily on the non-yielding yellow metal. 

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Technical levels to watch

Bulls would be eyeing for a strong follow through buying interest beyond $1293-94 area, above which the commodity seems more likely to surpass the $1300 handle and head towards testing $1308-09 resistance area.

On the flip side, $1286-85 zone might continue to protect immediate downside, which if broken is likely to accelerate the slide back below $1280 level towards its next support near the $1276 region.