Gold muted around hourly 200-SMA, awaits Fed’s Brainard

Gold paused its three-day sell-off and traded comatose so far this Monday, with markets awaiting upcoming Fed speaks for next direction.

Gold capped below 20-DMA at 1331.80

Currently, gold trades +0.10% higher at 1328.86, finding stiff resistance near 1329.50 levels. The yellow metal is seen trading cautiously higher as focus solely remains on the Fed speak due later in the NA session amid a lack of fresh fundamental releases today.

Markets continue to mull over Fed’s interest rate outlook, especially in light of recent mixed Fed speaks, which keeps weighing negatively on the non-interest bearing gold.

While, the bullion finds some respite from ongoing weakness surrounding the US dollar and tumbling global stocks, keep the safe-haven bids for gold underpinned.

Gold Technical Levels                                   

The metal has an immediate resistance at 1330 (round figure) and 1337.96 (50-DMA). Meanwhile, the support stands at 1321.80 (Sept 5 low) below which doors could open for 1303.68 (100-DMA).