Gold attempting technical recovery, eyes China data

Gold is trading marginally higher in Asia around $1217 levels in what appears to be a chart driven move ahead of the China Feb trade balance release. 

The metal hit a low of $1213.90 as rising Fed rate hike bets pushed investors out of the zero yielding yellow metal. 

The 1-hour RSI is attempting a recovery from the oversold territory, while the 4-hour RSI is hovering below 30.00 (oversold). Thus, the metal is attempting gains, however, a strong China data could boost risk sentiment and Fed rate hike odds, leading to a fresh sell-off in gold. 

Gold Technical Levels

Bullish 50-DMA and 100-DMA crossover has been confirmed. With metal trading at $1217 Oz, the immediate support is seen at $1210 (38.2% Fib of $1122.81-$1263.87), under which the psychological figure of $1200 could be put to test. On the higher side, resistance is seen at $1223.10 (Friday’s low), $1230.58 (23.6% fib).