Gold off 3-month tops, but supported at $ 1240

Gold prices on Comex stalled its overnight retreat and now remains within a close proximity of three-month highs reached yesterday at $ 1246.45

Gold approaches 200-DMA at $ 1265

Currently, gold trades +0.33% higher at $ 1243.55, reversing a dip to $ 1240, session lows.  Gold extends its bullish momentum for the sixth consecutive day as mounting political concerns from elections in Europe and uncertainty over Trump's administration policies keep the safe-haven demand for gold underpinned.

Further, evidence of investors’ confidence in the yellow metal, SPDR Gold trust holdings rose 0.68% to 832.58 tonnes on Wednesday, rising for a sixth straight session.

While dwindling expectations of a Fed rate hike this summer also boosts the sentiment around gold. Attention now turns towards the US jobless claims and Fedspeaks due later today for further momentum on the prices.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1246.45 (3-month tops) and 1250 (round number). Meanwhile, the support stands at 1240 (daily low) below which doors could open for 1237.50 (daily pivot).