Gold steadies above $ 1240 ahead of Healthcare vote

Gold prices on Comex failed another attempt to survive again $ 1250 mark and drifted lower in the overnight trades to now waver in a tight range above $ 1240 levels.

Gold hovers near 5-DMA at $1243

Currently, gold trades marginally lower at $ 1243.55, clinging to $ 1242 support. Gold prices rallied to the highest levels since Feb 28 on US data disappointment and uncertainty over the US House vote on the Trumpcare bill, after the vote was postponed to Friday.

However, fresh clarity provided on the timings of the House vote earlier today provided extra legs to the recovery in the US dollar across the board, keeping gold on the back foot. Moreover, persisting risk-on sentiment amid rallying Asian equities and treasury yields also dull the attractiveness of gold as a safe-haven asset.

All eyes now remain on the US durable goods data and Fed official Evans speech due alter today ahead of Trumpcare bill vote.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1250 (round number) and 1253.15 (3-week tops). Meanwhile, the support stands at 1240 (zero figure) below which doors could open for 1236.45 (classic S2/ Fib S3).