Gold climbs further beyond $1200 mark, fresh weekly tops

   •  A combination of supporting factors helps regain positive traction for the second straight session.
   •  Technical buying above a descending trend-channel hurdle provides an additional boost. 

After an initial dip, Gold caught some fresh bids and jumped back above the key $1200 psychological mark to fresh weekly tops. 

The precious metal built on overnight rebound from near two-week lows and continued gaining positive traction for the second consecutive session on Thursday. The up-move was supported by a subdued US Dollar price action, which was seen extending some support to the dollar-denominated commodity.

This coupled with the prevalent cautious mood around equity markets, reinforced by a mildly negative tone around the US Treasury bond yields, provided an additional boost to the precious metal's safe-haven appeal and further collaborated to the goodish up-move.

Today's strong positive momentum could further be attributed to some technical buying, following a bullish breakthrough over one-week-old descending trend-channel. Hence, a follow-through up-move, back towards recent swing high, around the $1214 region, now looks a distinct possibility.

Today's US economic docket features the release of ADP report and ISM non-manufacturing PMI, which will be looked upon to grab some short-term trading opportunities. The key focus, however, would remain on Friday's closely watched US non-farm payrolls data, which could possibly set the commodity's near-term trajectory. 

Technical levels to watch

Immediate resistance is pegged near $1210 area and is followed by $1214-15 supply zone, above which the momentum could further get extended towards the $1222 horizontal zone. On the flip side, the $1200 round figure mark now becomes an immediate support to defend, which if broken is likely to accelerate the fall back towards $1190 support.