Gold bounces-off a brief dip below $ 1200 amid thin trades, $ 1210 eyed

With the US markets closed on Memorial day extended holiday, gold staged a solid comeback from two-month troughs this Monday as the US dollar stalls its upward trajectory against its major rivals.

Gold regains hourly 20-SMA at 1207.23

Currently, gold now drops -0.36% to fresh session highs of 1208.24. The bullion is seen attempting a tepid bounce from the sharp decline seen earlier today, as the US dollar corrects lower after the recent strength induced by increasing odds of a June/ July Fed rate hike following Friday’s hawkish comments from Fed Chair Yellen.

Moreover, markets look to lock-in gains on their USD longs as we head into a heavy macro week ahead, with the ECB policy decision and US NFP data expected to hog the limelight and could have major impact on the bullion. While today, both the US and UK markets remain closed on account of their respective public holidays.

Gold Technical Levels                                   

The metal has an immediate resistance at 1210 (Round number) and 1217 (5 & 100-DMA). Meanwhile, the support stands at 1200 (key support) below which doors could open for 1190 (psychological levels).