Gold boosted by broadly weaker USD, rises to 3-week high at $1360

After bottoming out around $1347, Gold resumed with its near-term bullish traction and jumped back above $1350 level to currently trade near a fresh 3-week high level around $1360 region.

Continuous weakness in the greenback after last week's disappointing GDP data has helped the precious metal to resume its near-term upward trajectory. A renewed selling pressure around the US Dollar on Tuesday, led by diminishing prospects of an eventual Fed rate-hike in 2016, triggered the initial leg of up-move for the yellow metal. 

The up-move got an additional boost from the prevalent risk-aversion trade that has dragged European equity indices deep in to negative territory. 

Next in focus would be the release of US Core PCE Price Index, considered to be the Federal Reserve's preferred inflation gauge, later during NA trading session and would provide additional momentum in gold prices.

Technical levels to watch

From current levels, the momentum is likely to lift the commodity back towards post-Brexit swing high resistance near $1370-75 region, above which the metal seems all set to extend its near-term bullish momentum and aim towards testing $1400 psychological mark resistance.

On the flip side, $1350 level now becomes immediate support to watch for. Failure to hold this immediate support would negate any near-term bullish bias and drag the metal immediately towards 20-day SMA support near $1340-38 region.