Gold shines in post-Christmas trades, $ 1136 tested

Gold remains well bid as most major Asian markets resume trading post-Christmas celebrations, offering some respite to the gold bulls heading into a New Year.

Gold regains 5 & 10-DMA barrier

Currently, Comex gold futures trade +0.19% higher at $ 1135.85, flirting with session tops posted at $ 1135.95 levels. The bullion is seen making a gradual recovery from multi-month tops and catches fresh bids in the Asian trades after the Chinese markets opened weaker and weighed on the overall market sentiment, thus lifting the safe-haven bids for gold.

However, further upside in the bullion looks capped, as the greenback remains on front foot across the board, having found strong impetus from rising treasury yields. Markets now look forward to the US consumer confidence and S&P/CS Composite-20 HPI y/y data due later on Tuesday for further momentum.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1140 (round figure) and 1147.86 (20-DMA). Meanwhile, the support stands at 1130 (zero figure) below which doors could open for 1126.90 (Dec 16 low).