Gold keeps the red around $ 1140 in Asia

Gold moved-off lows and now makes minor-recovery attempts amid renewed weakness in the greenback and resurgence of risk-on trades heading into the BOJ policy decision.

Gold finds support at 1138.50

Currently, Comex gold futures trades -0.20% lower at $ 1140.40, looking to regain 1141 barrier. The bulls are seen guarding the 1138.50 barrier, and hence, allow a tepid-bounce in the bullion, as recent geopolitical concerns continue to remain supportive of the safe-haven gold.

Fresh news of a gunman having tried to enter the US Embassy in Ankara, and subsequently police neutralized the attacker and took him into custody, lifted the sentiment around the yellow metal as investors flock to safe-havens in times of panic and market unrest.

Although the recovery may remain fragile as overnight upbeat comments from the Fed Chair Yellen will continue to weigh on the non-interest bearing gold. Yellen noted yesterday that the US labor market has improved to its strongest in nearly a decade, and wage growth is picking up, which helped boost inflation expectations and bets of Fed rate hikes next year.

Focus now shifts to the BOJ policy decision due out shortly, which should provide fresh impetus to gold prices, in absence major fundamental releases due on the cards today.

Comex Gold Technical Levels                                  

The metal has an immediate resistance at 1144.30 (daily S3) and 1150 (round figure). Meanwhile, the support stands at 1136.34 (5-DMA) below which doors could open for 1130 (key support).