Gold flat-lined above 5-DMA, BOJ in focus

Gold paused its 2-day bullish momentum and traded around a flat-line, awaiting fresh impetus from the BOJ policy decision due later this session.

Gold support at $ 1315 levels

Currently, gold trades dead flat at 1315.48, clinging to 5-DMA. Gold remains largely unchanged on the day and extends its side-trend into the mid-Asian trades, with markets unnerved ahead of the key risk events for this week, the BOJ and Fed policy decision.

While the US dollar also extends its upside consolidation phase versus its major peers in Asia, unable to provide any impetus to the USD-sensitive gold.

All eyes remain on the BOJ now, with markets expecting that the BOJ will not cut rates further, although may make some changes to its asset purchase program.

Gold Technical Levels                                   

The metal has an immediate resistance at 1320 (round figure) and 1323 (20-DMA). Meanwhile, the support stands at 1306.80 (100-DMA) below which doors could open for 1300 (psychological levels).