Gold supported at hourly 100-SMA in Asia

Gold prices extend its bearish momentum for the second straight session this Friday, as the US dollar stalls a 5-day sell-off and attempts a minor-recovery against its major peers in the Asian trades.

Gold drops on firmer USD   

Currently, gold trades 0.20% lower at 1347.60, bouncing-off a dip to session lows at 1345.43, where the hourly 100-SMA intersects. The yellow metal remains in the red, although pares losses as the demand for the safe-havens returns amid resurgence of risk-off sentiment, with lower commodities’ prices and negative Asian stocks.

Moreover, a failure to take-out crucial resistance around 1257-58 zone, triggered a profit-taking slide in the metal and hence, drove the prices lower from weekly tops. Nothing of note on the macro calendar today, and therefore, the gold traders will continue to track the USD moves and broader market sentiment for further momentum.

Gold Technical Levels                                   

The metal has an immediate resistance at 1358.11 (Aug 16 high) and 1360 (round figure). Meanwhile, the support stands at 1343 (20-DMA) below which doors could open for 1330 (50-DMA)