Gold extends retreat towards 50-DMA, NFP eyed

The bid tone around the US dollar keeps growing bigger post-China open, knocking-off Comex gold futures sharply below $ 1180 barrier.

Gold awaits NFP for fresh impetus

Currently, gold now loses -0.30% to $ 1177.85, having posted session lows at $ 1177 last minutes. The bullion extends its retreat four-week highs and now looks to test the next support placed at 50-DMA (1175.35), as the greenback embarks upon a brief corrective rally after the recent weakness backed by less hawkish FOMC minutes.

However, further downside remains restricted amid flattish treasury yields and subdued performance seen on the Asian equities, in wake of unnerved markets heading into the US NFP data release scheduled later in the NA session. Gold tends to benefit as a safe-haven assets in times of risk-aversion.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1185.55 (4-week high) and 1200 (round figure). Meanwhile, the support stands at 1175.35 (50-DMA) below which doors could open for 1166.50 (5-DMA).