Gold prices are seen extending their recovery during the Asian session as the US Dollar continues to lag against its major rivals following the unimpressive US inflation report. The greenback is also loosing grip against emerging markets' currencies. However, it remains to be seen if the yellow metal can sustain the bounce amid a fresh bid tone caught by the Treasury yields across the curve.
As expected, Gold prices retested the $1200 level before finding strong momentum that helped them surge again towards the $1208 .15 resistance level. This time we will be focusing on the 1214 resistance level as the RSI is pointing towards a bullish move.
Support: 1198.6 1197.75
Resistance: 1207.8 1214.15