Gold ends 4-day winning streak as USD recovers

Gold turned negative for the first time in five days this Friday, as the US dollar took on the recovery against most peers after the FOMC-led sell-off.

Gold holds above 50-DMA at 1332.87

Currently, gold trades -0.10% lower at 1335.60, moving further away from two-week tops printed at 1343.72. Gold finally broke the overnight consolidation phase to the downside and now looks to test the next support at 50-DMA as the US dollar remains on the track to recover losses induced by disappointing FOMC statement released late-Wednesday.

However, the downside remains capped as persistent risk-off market profile continue to underpin the safe-haven demand for gold. Amid a lack of relevant economic news today, the yellow metal is likely to be at the mercy of the USD price-action.

Gold Technical Levels                                   

The metal has an immediate resistance at 1343.72 (2-week highs) and 1350 (round number). Meanwhile, the support stands at 1332.87 (50-DMA) below which doors could open for 1327.15 (5-DMA).