Gold steadies above hourly 50-SMA amid negative equities

Gold is seen oscillating back and forth in a $ 6 narrow range, extending its upside consolidative mode into a second-day this Thursday.

Gold remains below $ 1350

Currently, gold trades +0.13% higher at 1346.07, easing-off session highs reached at 1347.24 last hours. The yellow metal steadies in Asia as the US dollar drops back in the red against its major peers, while negative performance on the Asian equities also help underpin the safe-haven demand for gold.  

Further, the bullion awaits fresh impetus from the ECB monetary policy decision due later in the European session, which may trigger huge volatility across the financial markets.

Meanwhile, the immediate focus remains on the Chinese trade figures, which may throw fresh light on gold demand from the world’s largest yellow metal consumer.

Gold Technical Levels                                   

The metal has an immediate resistance at 1355 (falling channel resistance) and 1360 (round number). Meanwhile, the support stands at 1338.82/40 (50 & 5-DMA) below which doors could open for 1333.25 (20-DMA).