Gold stuck at 4-hour 100-MA

Gold is struggling to take out 4-hour 100-MA level of $1199 in Asia, despite the overnight losses on the Wall Street.

Treasuries flat lined

Gold prices recovered from $1180.74 (Thursday’s low) as the treasury yields turned sideways. The 10-year treasury yield has had a tough time holding gains above 2.5% over the last few days. The yield is currently trading at 2.49%.

Meanwhile, Trump’s immigration ban and heightened odds of trade war also added to the bullish tone around the metal.

The immediate focus is on the BOJ policy. Later in the day, the Fed rate decision and US non-farm payrolls release could influence the metal.

Gold Technical Levels

Above $1200 (psychological level) the resistance is lined up at $1207 (Jan 12 high) and at $1220 (Jan 24 high). On the other hand, a breakdown of support at $1193.60 (session low) could yield a sell-off to $1180.74 (Jan 27 low) and to $1174 (50-DMA).