Gold capped below 5-DMA in Asia, awaits fresh impetus

Gold extends its $5 range-trade for the third straight session this Wednesday, unable to rise above 5-DMA now located at $ 1340.95.

Gold eyes Fed Symposium

Currently, gold trades modestly flat at 1337.52, hovering within a striking distance of session lows struck at 1336.99 earlier on the day. The yellow metal is trading in a tight range over the last few trading sessions, with the upside capped by 5-DMA, while the downside finds support at 50-DMA.

Moreover, the bullion remains unperturbed by the recent USD price-action as well as by RO-RO sentiment prevalent in the markets, as the bulls remain focussed on the upcoming Fed Symposium for a clear picture on the Fed’s monetary policy outlook.

Further, gold remains expectant of the US durable goods and GDP data due later this week, in a bid to gauge the strength of the US economic recovery, which could provide next direction on the prices.

Gold Technical Levels                                   

The metal has an immediate resistance at 1340.95 (5-DMA) and 1345 (20-DMA). Meanwhile, the support stands at 1332.32 (50-DMA) below which doors could open for 1325.